§ 15-07-02 — Rules and regulations for sale of nongrant lands - Powers of board

The board of university and school lands may make such rules and regulations not in
conflict with the provisions of this title as it deems necessary as to the manner, place, and time
of payment of principal and interest, the conduct of the business of selling and disposing of
lands other than original grant lands, and the terms and conditions of those sales. The board
may sell nongrant lands on amortized payment contracts, and renegotiate the terms of those
contracts, so long as the purchaser, at the time renegotiation is requested, has paid at least
thirty percent of the purchase price and the resulting contract is consistent with this chapter and
with the board's fiduciary responsibilities.