US LAWS, STATUTES & CODES ON-LINE

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 7USC1035]

 
                          TITLE 7--AGRICULTURE
 
                        CHAPTER 33--FARM TENANCY
 
                    SUBCHAPTER IV--GENERAL PROVISIONS
 
Sec. 1035. Sale of mineral interests; consideration; transfer of 
        unsold interests to Secretary of the Interior
        
    In areas where the Secretary determines after consultation with the 
Department of the Interior and competent local authorities that there is 
no active mineral development or leasing, the mineral interests covered 
by a single application shall be sold for a consideration of $1. In 
other areas the mineral interests shall be sold at the fair market value 
thereof as determined by the Secretary after taking into consideration 
such appraisals as he deems necessary or appropriate. Area 
determinations made by the Secretary pursuant to this section may be 
revised from time to time and the consideration to be obtained for the 
mineral interests in connection with any particular tract of land shall 
be determined by the rule applicable to the area in which the tract is 
located at the time of the application therefor: Provided, That, in the 
event any mineral interests covered by sections 1033 to 1039 of this 
title are not sold as provided herein pursuant to application filed 
within seven years from September 6, 1950, or within seven years from 
the date of acquisition of the mineral interests of the United States, 
whichever date is later, the Secretary shall forthwith transfer title to 
such mineral interests, with the exception of those which were a part of 
or derived from the assets transferred pursuant to transfer agreements 
with State rural rehabilitation corporations, to the Secretary of the 
Interior to be administered under the mineral laws of the United States.

(Sept. 6, 1950, ch. 897, Sec. 3, 64 Stat. 769.)

                          Codification

    Section was not enacted as part of the Bankhead-Jones Farm Tenant 
Act which constitutes a major part of this chapter.

                  Section Referred to in Other Sections

    This section is referred to in sections 1033, 1037, 1038, 1039 of 
this title.