All leases issued by the commissioner shall provide for an annual rental to be paid by the lessee in advance, the amount thereof to be fixed by the commissioner, but in no case shall the same be less than five cents (5 ) per acre for the primary term nor less than fifty cents (50 ) per acre for the secondary term; provided that the annual rental for any one lease shall not be less than ten dollars ($10.00).
History: 1953 Comp., § 7-9-22, enacted by Laws 1955, ch. 53, § 6.
ANNOTATIONSCross references. — For interest on delinquent payments of rental, see 19-1-3 NMSA 1978.
Law reviews. — For comment, "Taxation of the Uranium Industry: An Economic Proposal," see 7 N.M. L. Rev. 69 (1976-77).