37-101-153 - Mineral leases of lands of institutions of higher learning authorized.
§ 37-101-153. Mineral leases of lands of institutions of higher learning authorized.
The board of trustees of state institutions of higher learning is hereby authorized and empowered in its discretion to lease any lands, or any part thereof, belonging to any of the institutions of higher learning, either of said institutions or other institutions under its control and supervision, for oil, gas and mineral development, upon such terms, conditions and considerations as said board of trustees shall deem proper and for the best interest of the institution or institutions. Any such oil, gas or mineral lease shall be for a primary term of not more than six years and so long thereafter as oil, gas or other mineral is produced from said land. The royalty reserved in such lease or leases shall not be 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, § 6726.3; Laws, 1950, ch. 376, §§ 1-5.