Sale, trade or lease of real property by state agencies;

approval of legislature; exceptions. A. Any sale, trade or lease for a period exceeding twenty-five years in duration of real property belonging to any state agency, which sale, trade or lease shall be for a consideration of five hundred fifty thousand dollars ($550,000) or more, shall be subject to the ratification and approval of the state legislature prior to the sale, trade or lease becoming effective. B. The provisions of this section shall not be applicable as to those institutions specifically enumerated in Article 12, Section 11 of the constitution of New Mexico, the state land office, the state transportation commission or the economic development department when disposing of property acquired pursuant to the Statewide Economic Development Finance Act [Chapter 6, Article 25 NMSA 1978]. History: 1953 Comp., § 6-1-8.1, enacted by Laws 1961, ch. 41, § 1; 1979, ch. 195, § 4; 1987, ch. 15, § 3; 2003, ch. 142, § 4; 2003, ch. 349, § 23; 2025, ch. 76, § 4.