(a) If the legislative body of a municipality in the case of municipal rights or interests, or a State agency, in the case of State-owned rights or interests, finds that the retention of the rights or interests is no longer needed to carry out the purposes of this chapter, the rights or interests may be released and conveyed to the co-owner, to another public agency, to another party holding other rights or interests in the land, or to a third party. Where the conveyance is to a party other than another public agency or qualified organization, the municipality or State agency shall receive adequate compensation from that party for the conveyance of the rights or interests.

(b) The conveyance of rights or interests in real property less than fee simple made under the authority of this chapter shall be perpetual, except if the conveyance is limited by its terms to a specific period. (Added 1969, No. 229 (Adj. Sess.), § 9; amended 1975, No. 186 (Adj. Sess.); 1987, No. 200 (Adj. Sess.), § 47; 2011, No. 118 (Adj. Sess.), § 4.)