A. If no bid is received for any lease offered by notice of sale as provided in Section 19-10-17 NMSA 1978 on a tract classified as restricted and categorized as regular, then the tract or tracts upon which no bids are received may be leased by the commissioner to the first applicant for the respective tracts any time within ten days after the sale at not less than the minimum amount of rental and bonus, if any, specified in the notice of sale.
B. If no bid is received for any lease offered by notice of sale as provided herein on a tract classified as restricted and categorized as premium, then the tract or tracts upon which no bids are received may be reoffered for lease by the commissioner at some subsequent sale or may be offered for lease at some subsequent sale, as a restricted tract or tracts, categorized as regular.
History: Laws 1929, ch. 125, § 9; C.S. 1929, § 132-409; Laws 1931, ch. 18, § 7; 1941 Comp., § 8-1111; 1953 Comp., § 7-11-12; Laws 1985, ch. 195, § 8.
ANNOTATIONS
The 1985 amendment, effective June 14, 1985, added the section heading, designated the formerly undesignated paragraph as Subsection A, substituted “If no bid is received” for “If no bid be received” and “in Section 19-10-17 NMSA 1978 on a tract classified as restricted and categorized as regular” for “herein” near the beginning and “the sale” for “such sale” near the end of Subsection A and added Subsection B.