72-306 Minerals; discovery; report required; delay in development; powers of board. - Nebraska Statutes

72-306. Minerals; discovery; report required; delay in development; powers of board.Upon the discovery of potash or other minerals or substances in commercial quantities, the lessee shall report the same to the Board of Educational Lands and Funds within thirty days, together with a statement showing how soon facilities necessary for production and marketing may be completed. If the board deems there is an unnecessary delay between the time of discovery and the time of production, a showing may be required as to the cause of the delay and, if it be found to be out of proportion to a reasonable length of time, the board may demand more rapid development or the surrender or cancellation of the lease. SourceLaws 1918, Thirty-sixth Spec. Sess., c. 7, § 6, p. 45; C.S.1922, § 5224; C.S.1929, § 72-306; Laws 1943, c. 164, § 16, p. 584; R.S.1943, § 72-306.