Section 74. Effective date of alteration or division

1. When only the
  boundary lines  are  altered  between  two  towns,  the  same  shall  be
  effective  on  the  first  of  July  next succeeding the adoption of the
  proposition. The town board of the respective towns shall prior  thereto
  make  all  necessary alterations in the election districts in such town.
  The term of any town officer shall not be  abridged  by  reason  of  any
  alteration in town lines.
    2.  When  a  town is divided into two or more towns, the same shall be
  effective for the purposes of exercise of governmental functions on  the
  first day of January next succeeding the first biennial town election at
  which  town  officers  for the new towns may be elected. All officers of
  the town in office on such  first  day  of  January  shall  continue  in
  office,  unless  a  vacancy occurs, until the expiration of the term for
  which elected or appointed. The town board shall prior to such effective
  date, make  all  necessary  alterations  or  creation  of  new  election
  districts as provided in the election law.
    *  NB  This  section  partially  repealed  by  chapter  73/64. Certain
  provisions were retained by opinion of the Atty. Gen. (Inf.)  October 1,
  1981;(Inf.) 195/1975; and (Inf.) 143/1977.