Whenever any drainage district organized under the laws of this state shall cease to function in the manner provided by law for a period of two or more years by failing to levy and collect the annual assessments made and pledged by it to the payment of its bonded indebtedness, or by failing to function as an organized body, or shall suffer its bonded indebtedness or a substantial part thereof to be in default and so remain for a period of two or more years, then, in either or all of such events, any holder of any of the outstanding and past due bonds issued by said drainage district or of judgments based upon said bonded indebtedness shall have the right to petition the chancery court of the county in which said drainage district or the greater part thereof is situated, for the appointment of a receiver for said drainage district.
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