Notwithstanding the provisions of Section 37-7-611, or the provisions of any other applicable statute, the extension of the corporate limits of a municipality so as to include a school building constructed or operated under the provisions of Sections 37-7-403 through 37-7-411, which was theretofore outside of said corporate limits, shall not affect the ownership of the school building or buildings involved or the land on which it is located or any school facilities connected therewith. All such buildings and other property shall, notwithstanding the extension of said corporate limits, remain the property of the school district or districts theretofore owning same, and the provisions of said Section 37-7-611, shall be wholly inapplicable except that the territory which is included within the corporate limits of the municipality as a result of the extension of such limits, other than the said school building or buildings, the land on which it or they are located, or any school facilities connected therewith referred to above, shall become a part of the municipal separate school district, if there be such a municipal separate school district, and the territory not so included within the corporate limits of the municipality shall remain within the school district of which it was a part at the time of such extension of the corporate limits. If the land on which such school building and other school facilities are situated is sixteenth section land, the ownership of said buildings and other property shall likewise not be affected by the extension of the corporate limits of the municipality except as is herein expressly provided.