The court, after a hearing, may thereupon by order approve the leasing of said property by private contract with the proposed lessee and shall appoint a trustee, as provided in this article, and direct such trustee to execute such lease on the form proposed or such form as is satisfactory to the court, and such lease so executed shall be valid and binding and conclusive on all parties. The court, in its discretion, may order the leasing of said property to be conducted at public sale upon such notice and in such manner as the court shall direct. In the event of a public sale, such sale shall be reported back to the court and no lease shall be executed and delivered by the trustee until and unless the sale of said lease is approved by the court.
Source: L. 55: p. 728, § 4. CRS 53: § 118-14-4. C.R.S. 1963: § 118-14-4.
Structure Colorado Code
Title 38 - Property - Real and Personal
Article 43 - Oil, Gas, and Other Natural Resources - Leases
§ 38-43-102. Parties - Representation of Minors, Persons of Unsound Mind, and Persons Not in Being
§ 38-43-103. Contents of Complaint
§ 38-43-104. Private or Public Sale of Lease
§ 38-43-105. Terms of Lease: Pooling and Unitization
§ 38-43-106. Trustees - Control of Court, Removal or Resignation, Successor, Bond, Compensation
§ 38-43-107. Title of Purchaser
§ 38-43-108. Disposition of Proceeds
§ 38-43-109. Remedies Herein Provided Cumulative, Contracts and Options