Any landowner desiring to take advantage of Sections 51-33-69 through 51-33-73 shall first make application to the drainage commissioners of the district in which his land is located, giving the description of the land sought to be released and whether he desires to pay for the release of such land in cash, or with bonds or coupons, or by credit on judgment rendered against the district for bonds and interest coupons. It shall thereupon be the duty of the drainage commissioners of such district to enter such application upon the minutes of the district and determine and enter upon such minutes the amount which the drainage commissioners find to be a reasonable cash value for the release of such lands. They shall advise such landowner of their action and, if such landowner shall agree in writing to pay such amount, the drainage commissioners shall thereupon notify by registered mail the bondholders of the district, or so many of them as they may be able to ascertain the address of, of such application and request the approval of such bondholders of the release of such land. If the holders of as much as seventy-five per cent of the outstanding bonded indebtedness of the district, including bonds and coupons for which judgment has been rendered against the district but not including bonds or coupons which have become barred by the statutes of limitation, approve such release in writing, the drainage commissioners shall file a petition in the chancery court of the county in which the affairs of the district are being administered, requesting the approval of said court or the chancellor in vacation of the release of such land. They shall state in such petition the description of the land sought to be released, the price to be paid for such release, how such payment is to be made, and the name and address of all known bondholders. There shall be attached to such petition the written approval of such of the bondholders as have approved the release of such land. Upon the filing of such petition the clerk of said court shall fix a day for the hearing thereof, not less than ten days nor more than two weeks from the date of the filing of such petition, and shall cause not less than seven days notice of such hearing to be given by publication in at least one issue of a public newspaper published in the county in which such petition is filed, a copy of which notice shall be mailed by the clerk to each of the known bondholders at the address stated in the petition. The notice so published and mailed shall state the number of acres of land sought to be released, the name of the owner thereof, and the amount to be paid for the release, and shall advise that the matter will be heard at the time and place fixed. Upon the hearing of such petition all bondholders and landowners of the district shall have the right to appear and object, and if the court or the chancellor in vacation be satisfied that the amount which the commissioners have found to be the reasonable cash value for the release of such land is the reasonable cash value thereof and that it would be to the best interest of all bondholders and all others interested that the property be so released, the court or the chancellor in vacation shall enter a decree approving the release of such land; and the drainage commissioners shall be authorized to accept the amount in full settlement and satisfaction of the lien of said assessment of benefits on said land. Upon such amount being paid by such landowners to the drainage commissioners, such land shall be released from such assessment of benefits by proper order spread upon the minutes of such drainage district, and the president and secretary of the board of drainage commissioners of the district shall execute and deliver to the landowner a proper release of said land. Nothing herein shall have the effect of releasing any land situated in a drainage district from its liability for annual maintenance taxes as now or which may hereafter be provided.