(105 ILCS 5/15-3) (from Ch. 122, par. 15-3)
Sec. 15-3.
Leases-Pooling agreements-Railroad rights of way and depot grounds.
The township land commissioners or trustees of schools in townships in
which Section 16, or lands granted in lieu thereof, remain unsold, or which
have title to any other school lands or real estate, may lease them for an
annual cash rent or for an annual grain rent or a combination of cash and
grain rent, or may lease them for drilling for oil and gas upon a royalty
basis. The lease shall be made by the president and the clerk, under the
direction of the township land commissioners or trustees of schools, with
the lessee or lessees, shall be in writing, shall be filed with the records
of the board, and a copy shall be transmitted to the county superintendent.
In case of default in the payment of rent the township land commissioners
or trustees shall at once proceed to collect it as may be provided by law
for the collection of rents by landlords. No lease under the provisions of
this Act shall be for a longer period than 5 years except when lands are
leased for the purpose of having permanent improvements made thereon, as in
cities and villages, and except when leased for oil and gas development and
drilling. The township land commissioners or trustees of schools which have
title to any school real estate or lands, whether the lands or real estate
are being used by any school district for school purposes or not, may lease
such real estate or lands, or any part thereof, for drilling for oil and
gas upon such terms as may be agreed upon. Where such a lease is made for
drilling for oil and gas, the township land commissioners or trustees of
schools may also enter into pooling agreements with the owners of adjacent
lands so that the township land commissioners or trustees of schools will
participate in royalties in proportion to their acreage ownership as to all
oil produced from any of the lands in the pooling agreements. This section
does not apply to cities having a population of over one hundred thousand
inhabitants.
The township land commissioners or trustees of schools of any township
may sell and convey to any railroad company a right of way across any
school lands of the township, and necessary depot grounds.
(Source: Laws 1961, p. 31.)
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