Section 49-10-5 - Powers of trustees; limitations on real property transfer.
49-10-5. Powers of trustees; limitations on real property transfer.
A. The board of trustees has the following powers:
(1) to control and manage the Tecolote land grant and to prohibit and regulate the cutting of timber and grazing of stock upon the grant;
(2) to recognize and confirm by deed of conveyance all bona fide adverse holdings of real estate on the Tecolote land grant;
(3) to sell, convey, lease or mortgage so much of the Tecolote land grant that is under its control and held in common, but no lease, sale, conveyance, mortgage or other alienation of these common lands shall be effective unless authorized by a resolution duly adopted by the board of trustees and unless the resolution is approved by the district judge of the judicial district within which the grant is situated;
(4) to adopt a corporate seal, which shall be used in the attesting of all its official acts; and
(5) to adopt rules of procedure, to make any rules and regulations necessary for the proper carrying out of the powers granted in this section and to have and exercise all rights and powers incidental to those powers.
B. Any lease, sale, conveyance, mortgage or other alienation of the common lands of the grant made without fulfilling the requirements of Subsection A is voidable, and an action to set aside and nullify the alienation of the land hereafter may be brought at any time in the district court for the county in which the grant is situated. The action authorized by this subsection may be brought by the board of trustees or any person owning land within the grant. If the court finds that the transaction in question was made in violation of the requirements of Subsection A, it shall nullify it and shall provide any other relief that is equitable and appropriate under the circumstances.