Such contract or agreement provided for in Section 37-7-405, shall be transmitted to the state educational finance commission which shall consider and pass upon same from the standpoint of whether or not same will promote the welfare of the school districts involved and the efficiency of the operation of the schools thereof. If said agreement shall be approved by the said state educational finance commission, then the school districts involved shall be authorized to proceed as set forth in said agreement. If, however, the state educational finance commission shall disapprove said agreement then the school districts involved shall not be authorized to proceed thereunder. Any such agreement, with the prior consent and approval of the state educational finance commission, may be altered or amended from time to time as circumstances require.Codes, 1942, § 6328-73; Laws, 1956, ch. 266, § 3; Laws, 1960, ch. 301, § 2.