Before any of the land named in Section 37-101-153, shall be leased for oil, gas and mineral purposes, the board of trustees of state institutions of higher learning shall give notice of its intention by publishing a notice in some newspaper in the City of Jackson and also a newspaper published in the county or counties where such lands are situated, giving the time and place that said board will receive bids. Said notice shall be published once each week for three consecutive weeks. Said board at said time and place will receive sealed bids for such lease or leases, and will consider the highest and best bid that is the most advantageous to the institution or institutions. The board shall have the right to reject any or all such bids.
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