Requirements as to consultation and approval

§ 7431. Requirements as to consultation and approval The Committees on Armed Services of the Senate and the House of Representatives must be consulted and the President’s approval must be obtained before any condemnation proceedings may be started under this chapter and before any of the following transactions authorized by this chapter may be effective: (1) A lease of any part of the naval petroleum reserves. (2) A contract to alienate from the United States the use, control, or possession of any part of the naval petroleum reserves. (3) A contract to sell the oil and gas products, other than royalty products, from any part of the naval petroleum reserves. (4) A contract for conservation or for compensation for estimated drainage. (5) An agreement to exchange land, the right to royalty production, or the right to any money due the United States.