Dakota or board of university and school lands - Deposit of net proceeds in bond sinking fund. The Bank of North Dakota or the board of university and school lands, as agent of the state treasurer as trustee for the state of North Dakota, shall manage all lands acquired in the name of the state treasurer as trustee for the state of North Dakota under this chapter and, with the approval of the state treasurer, shall have full power to sell or lease such lands. All instruments executed by the Bank or board in furtherance of this authority must be executed by an authorized officer or employee of the Bank or board in the name of "The Bank of North Dakota or the board of university and school lands as agent for the state treasurer as trustee for the state of North Dakota". The Bank or board may charge a fee and may be reimbursed for all actual costs incurred in the management and sale of these lands. The net proceeds from the sale or lease of these lands must be deposited in the real estate bond sinking fund established by this chapter. The sale and leasing of these lands must be done in accordance with chapter 15-07. In the case of a lease by the party holding the right of redemption, that party has the right to buy at any time.
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