§1035 Sale of Mineral Interests; Consideration; Transfer of Unsold Interests to Secretary of the Interior

Summary

If, after talking with the Department of the Interior and local authorities, the Secretary finds an area has no active mineral development or leasing, all mineral interests covered by one application must be sold for $1. In other areas the Secretary must sell the mineral interests at fair market value. The Secretary may change area rules, and the price for a tract is the rule in effect when the application is filed. If any mineral interests covered by sections 1033 to 1039 are not sold under these rules within seven years from September 6, 1950, or within seven years from the date the United States acquired the mineral interests, whichever is later, the Secretary must immediately transfer title to those interests to the Secretary of the Interior to be managed under U.S. mineral laws, except for interests that were part of or came from assets transferred under agreements with State rural rehabilitation corporations.