Subd. 1.

The commissioner of natural resources, with the approval of the executive council, may extend state iron ore mining contracts and leases issued pursuant to Laws of 1889, chapter 22, and acts amendatory thereof, which contracts and leases are in effect on April 24, 1959, upon the following terms and conditions:

1. (a) Such contracts and leases may be extended for not more than 25 years beyond the termination of the present term thereof;
2. (b) The minimum royalties and rentals agreed upon for the extended period shall be not less than those provided by section 93.20;
3. (c) Section 93.20, shall apply to and govern such contracts and leases during the extended period, together with such additional terms and conditions not inconsistent therewith as may be agreed upon.

Subd. 2.

All applications for the extension of such contracts and leases shall be submitted in writing to the commissioner of natural resources within six months from April 25, 1959, and shall be in such form and contain such information as the commissioner shall prescribe.