Section 109.158 - Acceptance and Filing of Bids; Termination of Lease(a) If the board determines that a satisfactory bid has been received for the oil, gas, sulphur, or other mineral lands, it shall accept the bid and reject all others and shall file the accepted bid in the general land office.(b) If before the expiration of five years oil, gas, sulphur, or other minerals have not been produced in paying quantities, the lease shall terminate unless extended as provided in Sections 109.160 and 109.161.Tex. Educ. Code § 109.158
Renumbered from Tex. Educ. Code § 109.68 and amended by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 1173,Sec. 9, eff. 6/19/2015. Acts 1971, 62nd Leg., p. 3263, ch. 1024, art. 1, Sec. 1, eff. 9/1/1971.