(1) The owner of any natural area on the registry may, if the commission so agrees, register the natural area by executing a voluntary agreement with the commission for the owner to manage and protect the natural area according to the rules and regulations promulgated by the commission and to give the commission first option to purchase the natural area. If the owner agrees to register the area, he shall be given a certificate of registration and shall be committed to manage the area according to the terms of the agreement with the commission. The agreement may be terminated by either party after thirty (30) days written notice. The owner, upon termination, shall surrender the certificate; provided, however, the first option to purchase shall remain with the commission unless the commission shall relinquish the option in writing.
(2) Any property acquired by the commission or any other agency of the state or political subdivision thereof pursuant to any other authority in law may be registered according to this section.