(a) All leases, contracts of exchange, or other dispositions of real estate for more than one year made by any department, commission, or other agency of the State of Alabama shall be invalid and void unless approved in writing by the Governor on the face thereof.
(b) The Governor, on behalf of the state, is hereby authorized to lease, upon such terms as he may approve, any lands or interest therein owned by the state, including lands or any right or interest therein under any navigable stream or navigable waters, bays, estuaries, lagoons, bayous or lakes, and the shores along any navigable waters to ordinary high-tide mark, and lands under navigable waters within the three-mile limit from the shore line of any county or counties in Alabama for the exploration, development, and production of oil, gas, and other minerals, or any one or more of them, on, in, and under such lands. Any lease executed under the provisions of this section may authorize the lessee to pool or unitize the lease, the lands or minerals covered thereby, or any part thereof, with other lands, leases, or mineral estates, or parts thereof, upon such terms as the Governor may approve.
(c) The Governor is hereby authorized to execute upon such terms as he may approve:
(1) Pooling or unitization agreements affecting oil, gas, and other minerals, or any one or more of them, on, in, and under lands owned by the state of Alabama so as to pool or unitize such interests in oil, gas, and other minerals, or any one or more of them, with similar interests in other lands; and
(2) Agreements amending existing leases so as to authorize the lessee to pool or unitize the lease, the lands, or minerals covered thereby, or any part thereof, with other leases, lands, or mineral estates or parts thereof.
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