Any qualified person desiring to conduct any type of exploration or recovery operations, in the course of which any underwater historic property or part thereof may be removed, displaced, or destroyed, shall first make application to the State Historic Preservation Officer for a permit to conduct the operations. The State Historic Preservation Officer, with the advice of the State Archaeologist, may grant the applicant a permit for such a period of time and under such conditions as he or she may deem to be in the best interest of the State. The permit may provide for the fair compensation to the permittee in terms of a percentage of the reasonable cash value of the objects recovered or a fair share of the objects recovered, the fair compensation or share to be determined by the State Archaeologist. Superior title to all objects recovered shall be retained by the State unless or until they are released to the permittee by the State Archaeologist. All exploration and recovery operations undertaken under a permit issued under this section shall be carried out under the general supervision of the State Archaeologist and in such manner that the maximum amount of historic, scientific, archaeological, and educational information may be recovered and preserved in addition to the physical recovery of items. Permits may be renewed upon or prior to expiration. Holders of permits shall be responsible for obtaining permission of any federal agencies having jurisdiction prior to conducting any recovery operations. (Added 1975, No. 109, § 4; amended 2001, No. 35, § 6.)