Nebraska Statutes 72-311. Mineral rights; lease; assignment; unauthorized transfers
No assignment shall be valid unless it has the approval of the Board of Educational Lands and Funds and has been recorded in the office of the board, and, if the grantee is otherwise legally disqualified, approval by the board, or recording, will not make such assignment valid. Any association, corporate or otherwise, operating on state lands, transferring its interests or capital stock, or more than ten percent thereof, to any association or corporation which is legally disqualified for holding, or which has its full quota of state leases, will render the leases it holds void upon an order of the state board or act of the Legislature. The purpose of sections 72-301 to 72-314 is to prevent for all times, directly and indirectly, the monopolization of natural resources of the State of Nebraska.
Terms Used In Nebraska Statutes 72-311
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Grantee: shall include every person to whom any estate or interest passes in or by any conveyance. See Nebraska Statutes 49-801
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801