Sec. 85.51. AUTHORITY TO LEASE. (a) The board may lease for oil, gas, sulphur, mineral ore, and other mineral developments all lands and mineral interests under its control, owned or in the future acquired by the state for the use of the university system.
(b) The board shall offer oil and gas leases at public auction, by sealed bid, by negotiated agreement, or through any other means that the board considers to be in the best interest of the university system.
Acts 1971, 62nd Leg., p. 3196, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971. Amended by Acts 2003, 78th Leg., ch. 1266, Sec. 4.09, eff. June 20, 2003.
Structure Texas Statutes
Subtitle D - The Texas a & M University System
Chapter 85 - Administration of the Texas a & M University System
Subchapter D. Lease of Lands for Oil, Gas, and Other Mineral Development
Section 85.51. Authority to Lease
Section 85.52. Sale of Mineral Ore in Place
Section 85.53. Tracts, Lots, Blocks
Section 85.54. Placing Leases on Market; Advertising
Section 85.55. Public Auction; Bids; Acceptance; Rejection; Payments
Section 85.56. Subsequent Procedure if No Bids Accepted
Section 85.57. Withdrawal of Land Advertised
Section 85.58. Acceptance of Bids; Award of Lease
Section 85.59. Exploratory Term; Extension; Other Provisions of Lease
Section 85.60. Discontinuance of Yearly Payments; Termination for Nonproduction
Section 85.61. Operations Under Lease: Effect on Rental Payments, Term of Lease
Section 85.62. Proration or Reduction of Production
Section 85.63. Interference With Surface Uses
Section 85.64. Protection From Drainage
Section 85.65. Rights of Purchaser; Assignment; Relinquishment
Section 85.66. Royalty Payments; Inspection of Records; Report of Land Commissioner
Section 85.67. Forfeiture; Other Remedies; Lien
Section 85.68. Filing of Records
Section 85.69. Payments; Disposition
Section 85.70. Certain Mineral Leases; Disposition of Money; Special Funds; Investment