15-07-02. Rules and regulations for sale of nongrant lands - Powers of board

15-07-02. Rules and regulations for sale of nongrant lands - Powers of board The board of university and school lands may make such rules and regulations not in conflict with the provisions of this title as it deems necessary as to the manner, place, and time of payment of principal and interest, the conduct of the business of selling and disposing of lands other than original grant lands, and the terms and conditions of those sales. The board may sell nongrant lands on amortized payment contracts, and renegotiate the terms of those contracts, so long as the purchaser, at the time renegotiation is requested, has paid at least thirty percent of the purchase price and the resulting contract is consistent with this chapter and with the board's fiduciary responsibilities.