§ 15-04-01 — Leasing of school and other public lands - Rent

All lands granted by the United States to this state for the establishment and support of
common schools and of educational, penal, or charitable institutions may be leased for
pasturage and meadow purposes at public auction after notice as provided by this chapter. The
lease may be for a period of not more than five years. Grant lands which have never been
placed under cultivation by a contract purchaser, in the event such contract is canceled, may be
leased for pasturage or meadow purposes for a period of not more than five years. Grant lands
which have been placed under cultivation by a contract purchaser, in the event such contract is
canceled, may be leased at the discretion and under the control of the board of university and
school lands for other than pasturage and meadow purposes until the land is resold. All rents
are payable annually in advance.