Re-lease of certain lands: lessee’s preferential right

§ 7429. Re-lease of certain lands: lessee’s preferential right The Secretary of the Navy, on terms prescribed by him, may re-lease lands in the naval petroleum reserves that were covered by leases made before July 1, 1936, and terminated by law at the expiration of their initial twenty-year periods. If any such land is to be re-leased, the Secretary shall give to the former lessee preferential rights to the new lease.