53C-4-101 - Criteria for sale, lease, exchange, or other disposition of trust lands. - Utah Statutes

53C-4-101. Criteria for sale, lease, exchange, or other disposition of trust lands.
(1) (a) The director shall establish criteria by rule for the sale, exchange, lease, or otherdisposition or conveyance of trust lands, including procedures for determining fair market valueof those lands.
(b) (i) Nothing in this title or in the administration's rules and procedures shall beconsidered to require the director or the administration to execute any transaction for thedisposition of trust lands on terms that the director determines by a written finding to beunfavorable to the beneficiaries.
(ii) The director shall send a copy of the written finding to each board member for reviewand comment.
(2) The governor pursuant to P.L. 103-93 and in collaboration with the board shallimplement the inholdings land exchange authorized in that public law.
(3) The governor, with the consent of the board, may participate in similar efforts andinitiatives related to school and institutional trust lands inholdings.

Amended by Chapter 126, 1997 General Session