15-05 Leasing Coal, Oil, Gas, and Other Rights - North Dakota Statutes

Download pdf

Loading PDF...

CHAPTER 15-05LEASING COAL, OIL, GAS, AND OTHER RIGHTS15-05-01. Coal lands or coal in tracts - Leases - Term. The board of university andschool lands may lease any lands or coal in tracts that may be contained in lands sold with a
reservation of coal deposits under its control for coal mining purposes. Any lease made under
this chapter must be for such period of time as the board may determine. Lands or coal in tracts
that may be contained in lands sold with a reservation of coal deposits must be leased for coal
mining purposes for such royalty upon the coal as the board may deem fair and in the best
interest of the state; provided, that the minimum royalty may not be less than fifteen cents per ton
[907.18 kilograms], or six percent of the price per ton [907.18 kilograms] of coal, whichever is
greater. The royalty applies only to coal actually mined and saved from the leased premises. If
the board owns or controls a smaller interest than the entire and undivided coal estate, the
royalty must be paid to it only in proportion to which its interest bears to the entire undivided fee.
The board may lease land or coal in tracts for the purpose of prospecting for and mining coal for
an annual rental of not less than one dollar per acre [.40 hectare] per year. The rental paid for
any year may not be deducted from the royalties as they accrue.15-05-02. Rental for coal lands - Regulations governing. Repealed by S.L. 1975,ch. 135,