In addition to the power and authority conferred by Section 37-7-401, two or more adjoining school districts which have been reconstituted, reorganized or created under Article 1 of this chapter may join, unite and cooperate in the construction, erecting and equipping of a school building or other school facility situated within the boundaries of either or any of the cooperating districts which is to be used jointly by the school districts uniting and joining in the construction, erecting and equipping thereof. In addition thereto, any two or more such school districts may, by appropriate written agreement join and unite in the joint operation of one or more schools, school buildings or other school facilities which have been or may be constructed, erected or equipped wholly by one of such districts. No school districts, however, shall join, unite or cooperate in the construction, erecting and equipping or contract for the joint operation of a school or joint school building unless the proposal so to do shall first be submitted to and approved by the state educational finance commission.Codes, 1942, § 6328-72; Laws, 1956, ch. 266, § 2, 1960, ch. 301, § 1.