The State Treasurer shall invest the monies in the Mineral Owner's Fund and shall annually apportion the interest earned as follows:
1. Twenty-five percent (25%) to the Corporation Commission to be used for plugging abandoned oil and gas wells, pursuant to Sections 308 et seq. of this title, not to exceed Three Hundred Thousand Dollars ($300,000.00) per year; provided, that any amount that would cause funds available for that purpose to exceed Five Hundred Thousand Dollars ($500,000.00) in any one (1) year shall remain in the Mineral Owner's Fund;
2. Fifty percent (50%) to the State Treasurer but not more than Two Hundred Thousand Dollars ($200,000.00) per year, to be spent for advertising, personnel and other expenses incurred to search for the rightful owners of unclaimed intangible property generated by mineral interests; and
3. Any remaining interest shall be added to the principal of the Mineral Owner's Fund.
Added by Laws 1983, c. 320, § 5. Amended by Laws 1999, c. 10, § 36, eff. July 1, 1999; Laws 2003, c. 468, § 7, eff. July 1, 2003.
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