Louisiana Revised Statutes 41:643 – Vermilion Parish; Sixteenth section land; distribution of mineral proceeds, and ownership of minerals and mineral revenues
Terms Used In Louisiana Revised Statutes 41:643
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A. The state of Louisiana, the State Mineral and Energy Board may enter into and execute a compromise and settlement with the Vermilion Parish School Board regarding the ownership of certain mineral and mineral revenues together with the disposition of mineral revenues derived from a certain area alleged by the school board to be a “Sixteenth Section” located in Township 15 South, Range 1 West, in East White Lake, Vermilion Parish, Louisiana.
B. The mineral board shall have all of the power and authority necessary and incidental to entering into and executing such compromise and settlement, and such compromise and settlement is hereby specifically authorized to provide for the following:
(1) That any and all revenues arising out of or in connection with mineral leases covering such area in existence on May 30, 1989 shall be shared equally by the state and the school board, insofar as such revenues are attributable to the area covered by each lease. The school board and the mineral board are hereby authorized to enter into any letter or division order necessary to effectuate this Section, including specifically a division order portraying an equal net royalty interest in leases payable to the school board and mineral board.
(2) That upon the termination of all or any portion of mineral leases covering such area which are in existence on May 30, 1989, the mineral board may lease all or any portion of such area under such terms and conditions as may be approved by the mineral board, without regard to the minimum royalty provisions of La. Rev. Stat. 30:127(A), and that such state lessee may be required to acquire for the same consideration payable to the mineral board, a lease from the school board on the same acreage without regard to the minimum royalty provisions of La. Rev. Stat. 30:127(B).
Acts 1989, No. 474, §1, eff. June 30, 1989; Acts 2009, No. 196, §6, eff. July 1, 2009.