Petition to execute options; prospectus
Sec. 2. Guardians of the estates of persons under the age of
eighteen (18) years and incapacitated persons are authorized to
petition the court having probate jurisdiction in the county in which
the guardianship is pending for authority to execute the options under
section 1 of this chapter. The petition shall be verified and set forth
the name of the person, firm, limited liability company, or
corporation to whom it is proposed to give the option. It shall also set
forth a prospectus as to the probable existence of minerals, their
probable value, the amount to be paid for the option, the length of
time the option is to continue, a copy of the proposed option, and a
copy of the proposed lease or deed which is to be executed in the
event the option is exercised.
(Formerly: Acts 1943, c.105, s.2; Acts 1973, P.L.264, SEC.8.) As
amended by P.L.33-1989, SEC.90; P.L.8-1993, SEC.462.
Last modified: May 27, 2006