Section 5-17-15 - Sale or lease or exchange of surplus real property authorized--Appraisement required. - South Dakota Statutes

5-17-15. Sale or lease or exchange of surplus real property authorized--Appraisement required. The State Cement Plant Commission may, whenever in its opinion any real property owned by the state and used by the State Cement Plant Commission which real property is no longer needed in the operation of the State Cement Plant, sell such property, lease the property for industrial use; or exchange the property for other property which is needed for its purposes. Such sale or lease or exchange shall be made only after the value of such real property has been fixed by appraisement of the State Cement Plant Commission. Such sale or lease may not be made for a sum less than the appraised value of said real property and may not be leased for less than the appraised rental value of such real property. In the event of an exchange, the Cement Plant Commission shall require the property which is to be acquired in the exchange to be appraised and any difference in valuation shall be either received or paid in cash at the time of the exchange.

Source: SL 1955, ch 265; SDC Supp 1960, § 55.3321; SL 1967, ch 256; SL 1989, ch 55, § 1.