15-05 Leasing Coal, Oil, Gas, and Other Rights
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<![CDATA[CHAPTER 15-05LEASING COAL, OIL, GAS, AND OTHER RIGHTS15-05-01. Coal lands or coal in tracts - Leases - Term. The board of university andschool lands may lease any lands or coal in tracts that may be contained in lands sold with a<br>reservation of coal deposits under its control for coal mining purposes. Any lease made under<br>this chapter must be for such period of time as the board may determine. Lands or coal in tracts<br>that may be contained in lands sold with a reservation of coal deposits must be leased for coal<br>mining purposes for such royalty upon the coal as the board may deem fair and in the best<br>interest of the state; provided, that the minimum royalty may not be less than fifteen cents per ton<br>[907.18 kilograms], or six percent of the price per ton [907.18 kilograms] of coal, whichever is<br>greater. The royalty applies only to coal actually mined and saved from the leased premises. If<br>the board owns or controls a smaller interest than the entire and undivided coal estate, the<br>royalty must be paid to it only in proportion to which its interest bears to the entire undivided fee.<br>The board may lease land or coal in tracts for the purpose of prospecting for and mining coal for<br>an annual rental of not less than one dollar per acre [.40 hectare] per year. The rental paid for<br>any year may not be deducted from the royalties as they accrue.15-05-02. Rental for coal lands - Regulations governing. Repealed by S.L. 1975,ch. 135, </p>
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