Upon being authorized by a resolution of the school board as is provided by Section 37-7-431, the president and secretary shall be authorized and empowered to execute, for and on behalf of the school district, a conveyance of the school property for the purposes, upon the terms and conditions provided and specified by the school board, and for the consideration of the execution of a deed to the lands exchanged. It shall not be necessary or requisite that competitive bids be advertised for or received in connection with such exchange of property.