If any lands of the state, acquired by the federal government, shall be placed under the jurisdiction of the department, in accordance with an agreement entered into by the governor and council and the federal government pursuant to the so-called Fulmer Act (16 U.S.C. sections 567a-567c), or any other similar act, the department shall administer, manage, and develop said lands and distribute the proceeds from such lands in accordance with the terms of such agreement. Other provisions of law relative to the disposition of revenue received from state lands shall not apply to the revenue received under the agreement.
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