1. The State Land Registrar may, with the approval of the State Board of Examiners and the Interim Finance Committee, exchange state lands or interests in land for any other lands or interests of land. The Division of State Lands of the State Department of Conservation and Natural Resources shall determine the values of the lands or interests in land which are to be exchanged. The values must be equal or, if the values are not equal, the values may be equalized by the payment of money, if the payment is not more than 25 percent of the total value of the lands or interests in land. 2. Upon effecting an exchange, the State Land Registrar shall deliver to the transferee proper conveyances of title to the state lands exchanged and shall require proper conveyances of title to the State of the lands received pursuant to the exchange.
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