(a) The Governor, in the name of the State, may join with the other states in the Interstate Compact to Conserve Oil and Gas. This compact was executed in Dallas, Texas, on February 16, 1935, has been extended, with the consent of Congress on October 14, 1976 by Public Law 94-493, and said compact and all extensions are now on deposit with the Department of State of the United States.

(b) The Governor, in the name of the State, may execute agreements for the further extension of the expiration date of that interstate compact to conserve oil and gas and to determine if and when it shall be to the best interest of this State to withdraw from said compact upon 60 days' notice as provided by its terms. If he or she determines that the State shall withdraw from said compact, he or she may give necessary notice and take any and all steps necessary and proper to effect the withdrawal.

(c) The Governor shall be the official representative of the State in the Compact to Conserve Oil and Gas, and shall exercise and perform for the State all of the powers and duties as such; provided, however, that the assistant representative who shall act in his or her stead as the official representative of the State shall be the Chair of the Board. (Added 1981, No. 240 (Adj. Sess.), § 2, eff. April 28, 1982.)