- (a) The board shall set the terms and conditions for each sale and lease of a vacancy.
- (b) The board shall adopt rules governing the terms and conditions for the sale and lease of a vacancy. The rules shall be adopted and amended as necessary to be consistent with real property law of this state and other applicable law.
- (c) The board may adopt rules governing mineral classification, royalty reservations, and awards of royalty reservations and preferential rights to an applicant or to a good-faith claimant in addition to the provisions prescribed by this subchapter.
Amended by Acts 2001, 77th Leg., ch. 1418, Sec. 1, eff. Sept. 1, 2001;
Acts 2003, 78th Leg., ch. 280, Sec. 25, eff. June 18, 2003.
Acts 2005, 79th Leg., Ch. 874 (S.B. 1103), Sec. 1, eff. June 17, 2005.