If land acquired by the director under this chapter is suitable for industrial, commercial, residential, or recreational development, the director may sell the land:

1. (1) by public sale under a system of competitive bidding at not less than fair market value; and

2. (2) under other conditions that are adopted by the commission by rule to ensure that the land is put to proper use consistent with local and state land use plans.

   [Pre-1995 Recodification Citation: 13-4.1-15-8.]

As added by P.L.1-1995, SEC.27.