The state board of land commissioners is hereby empowered to grant, over and upon any land owned or controlled by the state of Idaho, rights of way for railroad, telegraph, telephone and electric lines, pipelines for natural and manufactured gas, rights of way for highway purposes, and rights of way for any other public or private purpose or beneficial use. Application for such right of way must be accompanied by a map, in duplicate, showing the course of such right of way over each smallest legal subdivision of land, and the amount of land required for said right of way. The said right of way may be granted by the state board of land commissioners upon such terms and upon such compensation being paid therefor as the said board may determine: provided, that no land shall be sold under the provisions of this section for less than ten dollars ($10.00) per acre. Upon the said right of way being granted, it shall be the duty of the director of the department of lands to enter the same upon the plats of state lands on file in his office: provided further, that if the lands so granted are not used for the purpose specified in the application for right of way, within five (5) years from the granting of such right of way, then in such event the said lands so granted shall revert to the state; or if the tracks or works upon such lands for which such right of way has been granted are not completed within five (5) years after such right of way has been granted, the state land board shall have the right to declare such rights of way forfeited.