37-101-143 - Mineral leases of federally granted lands authorized.
§ 37-101-143. Mineral leases of federally granted lands authorized.
The board of trustees of state institutions of higher learning is also authorized and empowered to lease those lands referred to in Section 37-101-141, or any part thereof, for oil, gas and mineral development, or for any other purpose, for such consideration, upon such terms and conditions as said board of trustees shall deem proper, and for the best advantage of the respective institutions. Any such oil, gas or mineral lease shall not be for a primary term of more than six years and so long thereafter as oil, gas or other minerals are produced from said lands. The royalties reserved in such lease or leases shall be not less than the following:
(a) On oil, one-eighth part produced and saved from said land;
(b) On gas, including casinghead gas, or other gaseous substances, produced from said land and sold or used off the premises, or for the extraction of gasoline or other products therefrom, the market value at the well of one-eighth of the gas so sold or used; and
(c) On all other minerals mined and marketed, one-eighth part in kind or value at the well or mine except sulphur on which the royalty shall be two dollars ($2.00) per long ton.
Sources: Codes, 1942, § 6726-02; Laws, 1946, ch. 323, § 2.