If the supervising authority finds that protest has been made, prior to the supervising authority's final determination for formation, by the owners of real property within the proposed district the assessed value of which, as shown by the last equalized assessment roll, constitutes more than one-half of the total assessed value of the real property within the proposed district, the proceeding shall terminate. The supervising authority shall order the proceedings terminated when such protests are received.
(Amended by Stats. 1955, Ch. 916, Sec. 1.)