72-303 Mineral rights; lease; limitations; term. - Nebraska Statutes

72-303. Mineral rights; lease; limitations; term.Any qualified person or association desiring a prospector's right shall make application, giving the designation of the land by legal description, to the Board of Educational Lands and Funds, with the proper fees, and the board shall issue a lease therefor. If the applicant is an individual, the application shall include the applicant's social security number. The board may exercise discretionary power, and be guided by best public policy in granting leases, and may adopt rules, regulations, or resolutions necessary to expedite production, and to best preserve the interests and integrity of the state, and to prevent control by monopolies and alien enemies. No person shall be permitted to enter for such mineral purposes more than one section of land, and no development company or association shall be permitted to acquire in the aggregate more than ten thousand acres of state land by assignment or otherwise. Leases shall be for a term of not to exceed three years, subject to renewal as provided in section 72-307. SourceLaws 1918, Thirty-sixth Spec. Sess., c. 7, § 3, p. 44; C.S.1922, § 5221; C.S.1929, § 72-303; R.S.1943, § 72-303; Laws 1997, LB 752, § 200; Laws 1999, LB 779, § 45.