The board of directors of an irrigation district by resolution may exclude any lands from the district, if such district does not have any outstanding unpaid bonded indebtedness and if the permission of the owner of the fee title and of any equitable owner has first been had or secured for such exclusion.L. 35: p. 665, § 1. CSA: C. 90, § 495. CRS 53: § 149-3-18. C.R.S. 1963: § 150-3-18.