(1) The governing body of the transit district shall transfer title to, and possession of, the transit system and of all books, records, files, documents, and other property of the transit district to the metropolitan district.
(2) The metropolitan district shall be responsible for all the liabilities and obligations imposed upon or assumed by the transit district.
(3) For purposes of mass transit the metropolitan district shall have all the rights, powers, privileges and immunities, and be subject to all the duties and obligations, of a mass transit district under ORS 267.010 to 267.390, insofar as they are consistent with ORS chapter 268.
(4) The boundaries of the metropolitan district shall, for purposes of mass transit, be extended to encompass all the territory of the transit district.
(5) The transit district shall be dissolved and the offices of its directors terminated. [1969 c.643 §40; 1997 c.833 §26]