The board of land and natural resources may, after giving public notice as required in section 171-16(d):
(1) Quitclaim public lands by deed or land patent in exchange for deeds of private lands by way of compromise or equitable settlement of rights of claimants without auction;(2) Execute quitclaim deeds quitclaiming any and all interests of the State in private land for the purpose of perfecting title to such private land in private individuals who have defective titles; provided that no quitclaim may issue where the title to private land is subject to reversion to the State or to a right of entry by the State upon breach of condition subsequent or where the title to the private land is conveyed by the State for specific uses or purposes; provided further that no exchange or quitclaim may be entered into or made where the interest of the State arises by reason of any provision in a deed or patent issued by the State, which prescribes the specific use to which the land may be put or the specific purpose for which the land was conveyed; provided further that any exchange or quitclaim shall be subject to disapproval by the legislature by a two-thirds vote of either the senate or the house of representatives or by majority vote of both, in any regular or special session next following the date of the exchange or quitclaim.L 1962, c 32, pt of §2; am L 1965, c 239, §26; Supp, § 103A-48; am L 1967, c 234, §3; HRS § 171-51 Decisions under prior law. Power of commissioner to exchange lands prior to am Org. Act, May 27, 1910.18 H. 22. Applied in compromise settlement. 42 H. 627. Predecessor statute referred to.49 Haw. 456, 486-87,421 P.2d 550. Cited: 28 Hawai'i. 462.