Section R. 299.8104 - Offer at public auction; procedureRule 104.
(1) Oil and gas lease rights in state lands may be offered at competitive public auction (lease sale).(2) The department shall stipulate the terms and conditions under which lands may be offered for lease sale.(3) Any qualified party may make a bid on sale units offered for lease.(4) The full amount of the bonus bid must be paid as directed by the department.(5) Failure of the successful bidder to pay the total bid shall result in the forfeiture of the bonus bid and the lease rights to the sale unit or units involved.(6) The department reserves the right to reject any bid and may, in its discretion, stop the sale of any sale unit at any time and for any stated reason.(7) Lands in sale units for which no bids are received must not be offered at lease sale unless applied for again. The department, in its discretion, may include the unbid land in a future sale or sales.Mich. Admin. Code R. 299.8104
1981 AACS; 2020 MR 24, Eff. 12/28/2020