If the annual interest or any installment of the purchase price is not paid within thirty days after the same becomes due under the provisions of any contract for sale, or if the taxes are not paid upon the lands described in said contract in accordance with the provisions of the contract, the contract is voidable from the time of any such default. The board of university and school lands, in the case of any voidable contract, may declare the contract canceled by a resolution adopted for that purpose. Upon such declaration of cancellation, the board shall notify the holder of the contract by a written notice mailed to the holder’s post-office address as shown by its records and shall cause a certified copy of such resolution to be forwarded to the county auditor. A certified copy of the resolution may be recorded in the office of the recorder. The resolution operates as a complete and final cancellation of the contract without any order or decree of a court except that the purchaser’s rights and liabilities continue until the expiration of the period of redemption. Upon the expiration of the period of redemption after cancellation of any such contract, the board shall order the commissioner to take possession of the land described in the contract and serve notice of the expiration of the period of redemption upon the purchaser and the county auditor. When a contract has been canceled and not redeemed, the land described therein may not be listed thereafter for taxation until it has been resold.