47-707. FORFEITURE OF LEASES. All leases of mineral deposits shall be conditional upon payment of the rental in advance annually, and upon the payment of the royalty provided for in the lease and upon the violation of any of the conditions of the lease, the board may at its option, after thirty (30) days’ notice by registered mail, cancel the lease. Upon failure or refusal of the lessee to accept the readjustment of terms and conditions determined by the board at the end of any lease period, such failure or refusal shall work a forfeiture of the preferential right of the lessee. A forfeiture of such lease, and all rights of the lessee thereunder, may be declared by the state board of land commissioners for a violation of any of the terms or conditions of said lease or of any rule or regulation of said board with respect thereto or of any of the provisions of this chapter.
History:
[(47-707) added 1923, ch. 96, sec. 9, p. 115; am. 1925, ch. 220, sec. 5, p. 404; am. 1967, ch. 225, sec. 2, p. 676; am. 2020, ch. 341, sec. 3, p. 1002.]