If any municipal corporation, subject to any of the provisions of this article, shall fail for three successive years to file with the Department of Legislative Services a comprehensive statement of financial condition as required by Article 24, § 2-101 of the Code, and the Executive Director of the Department of Legislative Services shall have reasonable cause to suppose that the municipal corporation is no longer actively operating as such under its charter, and the Legislative Auditor shall certify that the municipal corporation has no obligations or debts outstanding and unpaid, the Executive Director of the Department of Legislative Services shall promptly certify all such facts to the Secretary of State. Upon receiving such a certification, the Secretary of State shall forthwith issue a public proclamation, declaring that the charter of the municipal corporation, including all amendments and additions thereto, is repealed under the provisions of this section. Copies of the proclamation shall be filed by the Secretary of State with the clerk of the Court of Appeals, the clerk of the circuit court of the county in which the municipal corporation is located, and the Department of Legislative Services. Upon the first day of the month next after the issue of any such proclamation, the charter of the town, including all amendments and additions thereto, shall be and the same is hereby declared to be repealed. From such latter date, the municipal corporation shall not be construed to be or treated as a municipal corporation and the charter so repealed shall no longer be included in any subsequent edition or printing of the code of public local laws of the State or of the particular county. If no other disposal of the property, assets and liabilities of the municipal corporation has previously been made by the proper officers of the municipal corporation, the board of county commissioners or the county council of the county in which the municipal corporation is located, shall succeed to full ownership, title and control of the property and assets after the charter stands repealed and shall be responsible for liquidation of the indebtedness of said municipal corporation as provided in § 42 of this subtitle.