Upon the filing of petition, process may be had on all interested persons by publication of summons as provided by the Mississippi Rules of Civil Procedure directed to the landowners, bondholders, and creditors of said drainage district commanding them to appear before the chancery court at a place named within such chancery court district on a day certain in termtime or before the chancellor in vacation and show cause, if any they can, why a receiver shall not be appointed for said drainage district. Upon the hearing of said petition, if it shall be proven that any or all of said allegations as set forth herein and alleged in said petition are true, the court shall appoint the State Auditor of Public Accounts as receiver for said drainage district.