77-3-423. Annual rental. (1) The annual money rentals to be paid to the state for oil and gas leases issued on and after July 1, 1975, shall be set by the board but may not be less than $1.50 for each acre of land leased.
     (2) In addition to the sum of $1.50 per acre, the rental for the first year of the lease shall also include any sum in excess of $1.50 per acre offered and accepted for the first year's rental.
     (3) This annual rental shall in no case be less than $100 a year.
     (4) The first year's rental shall be paid before the issuance of the lease. The rentals for each subsequent year of the lease shall be due and payable before the beginning of such subsequent year, and upon failure to make such payment, the lease terminates unless there is a producing well on the lease. Rental paid for any year shall be credited against any royalty that accrues during that year.

     History: En. Sec. 1, Ch. 161, L. 1955; amd. Sec. 12, Ch. 22, L. 1971; amd. Sec. 85, Ch. 428, L. 1973; amd. Sec. 1, Ch. 136, L. 1974; amd. Sec. 1, Ch. 379, L. 1975; R.C.M. 1947, 81-1702.1(1), (2); amd. Sec. 1, Ch. 163, L. 1989.