§ 7. Grants of commercial and agricultural leases in trust property
|Currency:||Current through November 2016|
The Commissioners of the Land Office are authorized to grant commercial leases and agricultural leases in trust property.
Commercial leases shall not exceed fifty-five (55) years. The granting of any commercial lease in excess of three (3) years shall be by public bidding at not less than fair market value. All commercial leases shall provide for fair market value throughout the term of the lease.
Agricultural leases of trust property shall be limited to a maximum of five (5) years and shall be by public bidding at not less than fair market value.
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