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Texas law on any date › Vernon's Civil Statutes

Vernon's Civil Statutes §7

Text in force on

In force on Feb 20, 1961 · this text took effect (date not stated) · amended later, effective Sep 01, 2023

LEASE OR SALE

If any one of the bidders shall have offered a reasonable and proper price therefor, and less than the price fixed by the Board, the lands advertised, or any whole survey or subdivision thereof, may be leased for oil and/or gas purposes under the terms of this Act, and such regulations as the Board may prescribe, not inconsistent with the provisions of this Act. If after any bidding by sealed bids the Board should reject all bids, as it is hereby authorized to do, it may thereafter offer for sale and sell the oil and/or gas in said lands, in separate whole surveys only or subdivisions thereof, by open public auction at a price less than the price offered by the sealed bids. All bids may be rejected. In the event of no sale at public auction, any subsequent procedure for the sale of said oil and gas leases shall be in the manner above provided.

History:

Source: the Legislature's file server, seen Nov 08, 2026.

Every version on file

Attorney General opinions that cite it

A research copy. The official text is the Legislature's (statutes), the Secretary of State's (Texas Administrative Code) or eCFR's (federal rules). Not legal advice.