(1) After the organization of a master water management district, no additional drainage or water management districts shall be organized so as to include any of the area within the boundaries of the master water management district, except with the consent of the master water management district.

(2) Existing drainage or water management districts are hereby authorized to petition the chancery court and, with its approval and the consent of the master water management district, to convey without consideration to the master water management district lands, easements, or rights of way that are to be used by the master water management district for any of the purposes of such district upon the condition that the master water management district assumes the responsibility for maintaining the works of improvement on such lands, easements, or rights of way. Such existing districts are further authorized to petition the chancery court and, upon its approval and with the consent of the master water management district, to transfer to the master water management district the responsibility for operation and maintenance of any pre-existing works of improvement that are not included in the plans for the project under said Public Law 566, or other law of the United States.

(3) Financial obligations of existing drainage or water management districts shall not be affected or impaired by the creation of a master water management district or by the transfer to such district by any drainage or water management district of lands, easements, or rights of way as herein provided; nor shall any liens upon the lands of any drainage or water management district be impaired by the creation of any master water management district.

(4) Powers of existing drainage or water management districts shall not be affected by the creation of any master water management district, except with respect to works of improvement included in the plans for the project under said Public Law 566, or other law of the United States.