§ 396c. — Lessees of restricted lands to furnish bonds for performance.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 25USC396c]
TITLE 25--INDIANS
CHAPTER 12--LEASE, SALE, OR SURRENDER OF ALLOTTED OR UNALLOTTED LANDS
Sec. 396c. Lessees of restricted lands to furnish bonds for
performance
On and after May 11, 1938, lessees of restricted Indian lands,
tribal or allotted, for mining purposes, including oil and gas, shall
furnish corporate surety bonds, in amounts satisfactory to the Secretary
of the Interior, guaranteeing compliance with the terms of their leases:
Provided, That personal surety bonds may be accepted where the sureties
deposit as collateral with the said Secretary of the Interior any
public-debt obligations of the United States guaranteed as to principal
and interest by the United States equal to the full amount of such
bonds, or other collateral satisfactory to the Secretary of the
Interior, or show ownership to unencumbered real estate of a value equal
to twice the amount of the bonds.
(May 11, 1938, ch. 198, Sec. 3, 52 Stat. 348.)
Repeal of Inconsistent Acts
For repeal of inconsistent acts, see section 7 of act May 11, 1938,
set out as a note under section 396a of this title.
Section Referred to in Other Sections
This section is referred to in sections 396a, 396d, 396f, 459c,
1724, 2105 of this title.
