The director of the department of lands shall, before advertising any timber for sale, notify the director of the department of water resources, that the state board of land commissioners have an application for, or are considering the sale of such timber, giving in such notice, the description of the lands by legal subdivisions on which such timber is situated. The director of the department of water resources shall consider such notice, and if he desires to interpose any objections to the sale of the timber on said lands, because of any interference with the conservation of the irrigation waters of any watershed, he shall then within ten (10) days after receipt of said notice, file with the director of the department of lands, any objections that he may have thereto, setting forth in detail such objections and the reasons therefor. If no such objections are interposed within such time by the director of the department of water resources, and no extension of time is granted by the director of the department of lands for him to file such objections, it shall be presumed that there are no objections from his department to the making of such sale. However, if any objections are interposed, the state board of land commissioners shall appoint a time for the hearing of such objections, and shall determine whether or not, said sale should be made.