Before the exchange of lands pursuant to section one hereof,¹ the Attorney General shall examine and approve the title of the privately owned lands to be received in exchange, and the deed or deeds from the Commonwealth of Pennsylvania shall be delivered only when a sufficient deed or deeds to the Commonwealth of Pennsylvania for the land to be received by the State shall have been approved by the Attorney General, and delivered; and, immediately upon the execution, acknowledgment, approval, and delivery of the deeds to the Commonwealth of Pennsylvania, the lands thus granted shall become and be a part of the State forests, subject to all the laws and rules governing the State forest lands.