§ 30-1-7-2 — Petition to execute options; prospectus

Guardians of the estates of persons under the
age of eighteen (18) years and incapacitated persons are authorized to
petition the court having probate jurisdiction in the county in which the
guardianship is pending for authority to execute the options under
section 1 of this chapter. The petition shall be verified and set forth the
name of the person, firm, limited liability company, or corporation to
whom it is proposed to give the option. It shall also set forth a
prospectus as to the probable existence of minerals, their probable
value, the amount to be paid for the option, the length of time the
option is to continue, a copy of the proposed option, and a copy of the
proposed lease or deed which is to be executed in the event the option
is exercised.
Formerly: Acts 1943, c.105, s.2; Acts 1973, P.L.264, SEC.8. As
amended by P.L.33-1989, SEC.90; P.L.8-1993, SEC.462.