S.D. Codified Laws § 5-3-7
The commissioner of school and public lands may exchange, with the approval of the Governor and following a public hearing, any common school, indemnity, or endowment land for any land located within the State of South Dakota of like appraised value. The commissioner may also exchange, with the approval of the Governor and following a public hearing, any common school, indemnity, or endowment land for any land located within the State of South Dakota of appraised value of at least seventy-five percent of the school land if the difference is paid in cash at the time of the exchange. The exchange may be conditional if the transfer is completed within five years and the trust corpus is never diminished. Any cash received from the exchange shall be treated as a cash sale pursuant to the provisions of chapter 5-9. The commissioner shall promulgate rules, pursuant to chapter 1-26, to establish the procedures and criteria for a land exchange.
SDCL 5-3-7