53C-2-403. Mineral leases — Director to establish forms, term, rental, and royalty.
The director shall establish the:
The director shall establish the:
- (1) form of a mineral lease application;
- (2) form of the lease;
- (3) term of the lease;
- (4) annual rental;
- (5) amount of royalty in addition to or in lieu of rental; and
- (6) basis upon which the royalty shall be computed.
Enacted by Chapter 294, 1994 General Session