(1) Upon the conclusion of each public hearing held under ORS 274.967 (3) and the modification, if any, of the report upon which such hearing was held, the State Land Board shall declare the nature and extent of any interest that remains or is vested in the State of Oregon with respect to the land described in the report.
(2) Except as it may be modified upon review pursuant to ORS 274.985, a declaration made by the board pursuant to subsection (1) of this section shall be binding upon the State of Oregon with respect to interest of the State of Oregon in the land described in the declaration. [1973 c.329 §8; 1983 c.740 §71]
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