§360 Authority to Manage Certain Mineral Leases

Summary

Federal agencies that take ownership of land that already has one or more mineral leases must give the Secretary of the Interior the job of running those leases and collecting the money owed under them. If the land was acquired on or before October 24, 1992, that transfer must happen as quickly as possible after that date. If the land was acquired after October 24, 1992, the Secretary of the Interior gets that authority right when the land is acquired. An "existing mineral lease" means any lease already in place when the land is acquired. Money from those leases is handled under the same rules as lease receipts covered by section 355 of this law. This change does not take away any federal agency’s current authority to manage the land’s surface.