                                 CODE OF VIRGINIA

SALE OR LEASE OF GAS, OIL, OR MINERALS (§ 53.1-31)

The Director is empowered to make and execute contracts, easements and leases in
the name of the Commonwealth for the removal or mining of gas, oil or any
valuable minerals that may be found in any real estate, title of which is vested
in the Department, whenever it appears to the Department that it will be in the
best interest of the Commonwealth to make such disposition of such gas, oil or
minerals. Before a contract, easement or lease is made, the same shall be
approved by the Governor, and any contract, easement or lease shall be approved
as to form by the Attorney General.
		Bids therefor shall be received after notice by publication once a week for
four successive weeks in at least two newspapers of general circulation. The
Director shall have the right to reject any or all bids and to readvertise for
bids. The accepted bidder shall give bond with good and sufficient surety to the
satisfaction of the Director and in such amount as he may fix for the faithful
performance of all the conditions and covenants of such contract, easement or
lease.
		Each such contract, easement or lease may be for a period not exceeding five
years, may include the right to renew the same for an additional period not
exceeding five years each and shall specify the rent royalties and other terms
deemed expedient and proper. Such contracts, easements and leases may, in
addition to any other rights, authorize the grantees and lessees to prospect for
and take from the real estate oil, gas and such other minerals as are therein
specified. No such contract, easement or lease shall in any way affect or
interfere with the orderly operation of any state correctional facility. All
rents or royalties collected from such contracts, easements or leases shall be
paid into the state treasury to the credit of the general fund.

HISTORY: Code 1950, § 53-19.38:1; 1978, c. 474; 1982, c. 636; 1984, c. 734;
1989, c. 733; 2020, c. 759.