Notice of petition and terms of contract; failure to file dissent; effect

(1) Upon presentation of the petition to the court, the court shall authorize the district to publish a notice describing in substance the terms and conditions of the contract. The district shall cause the notice to be published, for at least four consecutive weeks in three newspapers published within Oregon and designated by the court. One of the newspapers must be published in the county in which the office of the board is located, if such a newspaper exists. (2) The notice shall contain a general description of the evidences of indebtedness to be liquidated and the amount of indebtedness. The notice shall require all holders of the evidences of indebtedness to file in the proceeding their written dissent from or objection to the contract. The notice shall also state that if such dissent is not filed in writing in the court within 90 days from the date of the first publication of the notice, the owners or holders of the evidences of indebtedness failing to file their dissent or objections shall be considered to have consented to all the terms and conditions of the liquidation of the indebtedness as provided in the contract. Failure within the 90-day period to file dissent and objections with the court shall be the equivalent of the signing, execution and delivery of the contract either personally or through the agency of the protective committee by the known consenting owners or holders of the evidences of indebtedness.