(1) The commission shall have the power and is hereby authorized to purchase and take title in the name of the State of Mississippi, the following described land under the terms and conditions hereinafter provided, to wit:

Land presently owned by the Pascagoula Hardwood Company totaling some thirty-one thousand nine hundred sixteen (31,916) acres, more or less, situated as follows:

(a) Seventeen thousand two hundred seventy-eight (17,278) acres, more or less, in George County, Mississippi; and

(b) Fourteen thousand six hundred twenty-eight (14,628) acres, more or less, in Jackson County, Mississippi.

(2) The purchase price of such land shall not exceed its fair market value of Sixteen Million Five Hundred Thousand Dollars ($16,500,000.00) as of December 1, 1975, as determined by three (3) appraisals made by appraisers selected by the commission.

(3) Transfer of title to such property shall be by warranty deed or deeds vesting title in fee simple, excepting mineral rights where necessary, in the name of the State of Mississippi.

(4) The commission is hereby authorized and empowered to exercise on the lands described in subsection (1) of this section the same rights, powers and privileges as authorized and empowered under the provisions of “The Nongame and Endangered Species Conservation Act,” being Sections 49-5-101 through 49-5-119.

(5) Individual leaseholders of the lands described in subsection (1) of this section, shall not be dispossessed of such lands prior to April 15, 1978, unless found to be in violation of the law and/or land management principles of Sections 49-5-101 through 49-5-119, or any other law, rule or regulation relating to the management of the lands.