No timber shall be cut under the above provisions of this act except as follows: thirty (30) days’ written notice shall be given to the state board of land commissioners, by filing such notice with the director, department of lands, of the particular land, described by legal subdivision or cutting unit, upon which the purchaser desires to cut timber. In addition, the purchaser shall provide the director of the department of lands with an adequate cash deposit, letter of credit, payment bond or other acceptable guarantee of payment, which shall be at least equal to the estimated value of the amount of timber to be harvested during the next ninety (90) day period or a cash deposit in an amount equal to the entire value of the timber to be harvested from a legal subdivision or cutting unit to be included in a cutting permit. Permits to cut timber under these provisions shall be issued under rules and regulations adopted by the state board of land commissioners. The right to cut timber under the terms of this act does not accrue until the permit has been issued.