Texas Education Code

§ 85.60 — DISCONTINUANCE OF YEARLY PAYMENTS; TERMINATION FOR NONPRODUCTION

ED § 85.60Title 3. HIGHER EDUCATION · Part D. THE TEXAS A & M UNIVERSITY SYSTEM · Ch. 85. ADMINISTRATION OF THE TEXAS A & M UNIVERSITY SYSTEM · Art. D. LEASE OF LANDS FOR OIL, GAS, AND OTHER MINERAL DEVELOPMENT

Statute text

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When the royalties amount to as much as the yearly payments as fixed by the board, the yearly payments may be discontinued. If before the expiration of five years oil, gas, sulphur, mineral ore, and other minerals have not been produced in paying quantities, the lease shall terminate unless extended as provided by this subchapter.

Legislative history

Acts 1971, 62nd Leg., p. 3198, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.