The board of supervisors of each county wherein are situated lands, other than 16th section lands or lands held in lieu of 16th section lands, acquired by township trustees for schools and school lands as created by Article Five, Chapter Nine, Hutchinson’s Mississippi Code 1848, amendments thereto, and related statutes, where title to said lands remains in said trustees and their successors, is hereby authorized and empowered, in its discretion, upon the expiration of any current lease, to lease said lands in whole or in part for any term of years not to exceed ninety-nine, or to sell said lands or any part thereof outright as herein provided.

If leased, the rental, in the discretion of the board, may be in gross, or on an annual basis evidenced by notes of lessee. On the expiration or termination of any lease, the board may release, or then sell outright, the whole or any part of said lands.

In the event the board of supervisors shall determine to lease or sell said lands, such lands shall be sold or leased at public contract after said board has advertised such lands for sale or lease in a newspaper published in the county of said board, or if no newspaper be published in said county, then in a newspaper having a general circulation therein for two successive weeks, the first being at least ten (10) days prior to said public contract. If no bid acceptable to the board of supervisors is received after said advertisement, the board of supervisors, with the approval of the county superintendent of education, may lease same by private contract.

In the event of an outright sale, there shall be reserved, for the benefit of the township fund of the township in which the lands may be located, one-half of the oil, gas and other minerals in, on and underlying the land sold.

The board of supervisors of each county wherein may be situated any such lands, is hereby authorized and empowered, in its discretion, to lease said lands or any part thereof, or the interest reserved in any sale, for oil, gas and mineral exploration and development, within the limitations of and upon compliance with the requirements of all statutes, as such statutes now exist or may be hereafter enacted or amended, governing lease for mineral exploration and development of 16th section lands and lands held in lieu of 16th section lands.

The funds received from either lease or sale or mineral lease shall be added to the principal fund of the township, but in the event of a sale, fifty percent (50%) of the consideration may be expended by the board of supervisors in the construction of school buildings.