115 



48 



1 per acre per year for each year thereafter" and in- 



2 serting "rental established by the Secretary of the 



3 Interior" and by adding the following at the end 



4 thereof: "The Secretary shall establish fair market 



5 value rental fees under this section based upon the 



6 rental fees which would be charged in arms length 



7 transactions for comparable leases of oil and gas re- 



8 sources on non-Federal land." 



9 (3) In section 21(a) by striking out "rental, 



10 payable at the beginning of each year, at the rate of 



11 50 cents per acre per annum, for the lands included 



12 in the lease," and inserting "rental established by 



13 the Secretary of the Interior" and by adding the fol- 



14 lowing at the end thereof: "The Secretary shall es- 



15 tablish fair market value rental fees under this see- 



16 tion based upon the rental fees which would be 



17 charged in arms length transactions for comparable 



18 leases on non-Federal land." 



19 (4) In section 31(e)(2) by striking "rate of not 



20 less than $10 per acre per year, or the inclusion in 



21 a reinstated lease issued pursuant to the provisions 



22 of section 17(c) of this Act of a requirement that fu- 



23 ture rentals shall be at a rate not less than $5 per 



24 acre per year" and inserting "fair market value rate 



25 (but not less than $10 per acre per year)". 



