STATE LAND LAWS #79 



SPECIAL SALE. SEC. 439 



SEC. 439. SAME MANNER AND TERMS OF SALE. 



The said board of regents may by a majority aye and nay vote, 

 at any regular or special meeting said vote to be entered in 

 the minutes, proceed to sell said land or the valuable material 

 thereon, or such portion thereof as they may see fit. Such sale 

 shall be by public auction and the land shall be offered in lots 

 of not less than forty acres. No part of said tract shall be sold 

 until the value thereof shall be appraised by three appraisers 

 to be appointed by the Governor. Said appraisers shall be 

 paid out of the general fund of the state in the same manner as 

 the appraisers of the Land Commissioner's office for their services 

 and expenses as such appraisers. Prior to said sale said board 

 of regents shall give notice of the time, place and terms of 

 sale by publication for four successive weeks in one or more daily 

 papers published in the state and one or more weekly papers pub- 

 lished in the county where said lands are situated, the cost of 

 publication to be paid for in the same manner as the compen- 

 sation of the appraisers. The place of sale shall be at the front 

 door of the court house of the county wherein such lands are situ- 

 ated, and said sale may be made by the president of the board 

 of regents, or by any other member thereof to be selected by 

 the president. The highest bid made on the day of sale shall 

 be accepted unless it is less than the appraised value of the parcel 

 of land bid for or the valuable material bid for or less than ten 

 dollars per acre, in which case the bid shall be rejected: Pro- 

 vided, A majority of the board of regents by an aye and nay 

 vote, entered of record, may reject any or all bids for all or any 

 part of the tract, and may postpone the sale until some future 

 date, which sale shall be advertised in the same manner as the 

 original offer to sell: Provided, -further, That the successful 

 bidder for any portion or lot or valuable material thereon must 

 pay to the board of regents upon the date of sale, in cash, ten 

 per cent, of the amount of his bid as an evidence of good faith, 

 and upon such payment said board or its president shall deliver 

 to said bidder a receipt stating the amount received and that the 

 same shall be applied on the purchase price on said portion or 



