72-901.

School lands; oil and gas leases; Board of Educational Lands and Funds; powers and duties.

The Board of Educational Lands and Funds is authorized and empowered to lease any school and public lands belonging to the state and under its control, including oil and gas rights which have been or may hereafter be reserved to the state, for oil and gas exploration and development upon terms and conditions herein prescribed. In all cases where the lands are under lease for grazing, agricultural or similar purposes, the rights of such lessees shall be protected.