If this state, including any of its departments, institutions, or agencies, has been granted an option to purchase any land, and the option has expired without being exercised, or if no specific time for the exercise of the option was specified, and the option has not been exercised for a period of two (2) years from the date thereof, the Office of Public Affairs upon the application of the owner of such land, shall be authorized to release such option and to disclaim any interest in such land by reason of such option.

Laws 1947, SB 271, p. 586, § 1, emerg. eff. April 29, 1947; Amended by Laws 1983, SB 305, c. 304, § 127, emerg. eff. July 1, 1983.