No lease issued under the authority of Section 33-201 of this title shall be for a longer period than ten (10) years, nor shall any lease be given to any individual, corporation, or stock company which has for its purpose the propagation of fish for commercial purposes unless the governing body of the municipality determines that the lake, pond, stream, water course or reservoir has not been used for at least three (3) years for amusement or recreational purposes. However, if a lease contains a provision that the premises described in the lease shall be open to the public for free hunting and fishing privileges, then the lease may be for any period of time, not to exceed twenty-five (25) years.