Mich. Comp. Laws § 380.862: Accounting for records, funds, and property; release from liability; termination of offices.

Sec. 862.

Within 20 days after the effective date of a consolidation the board of each of the original school districts shall account to the board of the consolidated school district for all records, funds, and property belonging to the original school district and shall turn over the same to the board of the consolidated school district. Upon receipt of records, funds, and property by the board of the consolidated school district, the officers of the original school districts shall be released from liability therefor and their offices terminated.