§ 1023. Trust property--Commercial, agricultural and mineral leases
Oklahoma Statutes AnnotatedTitle 64. Public Lands
64 Okl.St.Ann. § 1023
§ 1023. Trust property--Commercial, agricultural and mineral leases
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.
The granting of any interest in trust property at less than fair market value or not in compliance with this section is void.
Any permanent improvement made on commercial trust property from and after the passage of this act shall revert to the trust at the end of the lease.
Credits
Laws 1989, c. 173, § 4, operative July 1, 1989. Renumbered from Title 64, § 101 and amended by Laws 2010, c. 41, §§ 18, 75, emerg. eff. April 2, 2010.
64 Okl. St. Ann. § 1023, OK ST T. 64 § 1023
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |