Section 5-3-7 - Exchange of school sections--Conditional exchange--Commissioner to promulgaterules. - South Dakota Statutes

5-3-7. Exchange of school sections--Conditional exchange--Commissioner to promulgate rules. The commissioner of school and public lands may exchange, with the approval of the Governor and following a public hearing, any school section or portion of a school section for any land located within the State of South Dakota of like appraised value. The commissioner may also exchange, with the approval of the Governor and following a public hearing, any school section or portion of a school section for any land located within the State of South Dakota of appraised value of at least seventy-five percent of the school land if the difference is paid in cash at the time of the exchange. Such exchanges may be conditional as long as the transfer is completed within two years and as long as the trust corpus is never diminished. Any cash received from such an exchange shall be treated as a cash sale pursuant to the provisions of chapter 5-9. The commissioner shall promulgate rules pursuant to chapter 1-26 to establish the procedures and criteria for such exchanges.

Source: SL 1941, ch 70, § 1; SDC Supp 1960, § 15.0208; SL 1982, ch 49, § 1; SL 1984, ch 35, § 1; SL 1992, ch 42; SL 1999, ch 24, § 1.