Section 37-101-159 - Disposition of proceeds of lease

The consideration and proceeds derived or received from all oil, gas and mineral leases provided for in Section 37-101-153, including, but not limited to bonuses, rentals, royalties and delay rentals, shall be paid to the board of trustees of state institutions of higher learning for the use and benefit of the institution owning or having the use and benefit of the land from which said money was derived. All such money or funds shall be allocated to or used for the benefit of such institution or institutions.Codes, 1942, § 6726.3; Laws, 1950, ch. 376, §§ 1-5.