2011 US Code
Title 25 - Indians
Chapter 19 - INDIAN LAND CLAIMS SETTLEMENTS (§§ 1701 - 1780p)
Subchapter I - RHODE ISLAND INDIAN CLAIMS SETTLEMENT (§§ 1701 - 1716)
Part A - General Provisions (§§ 1701 - 1712)
Section 1704 - Option agreements to purchase private settlement lands
View Metadata| Publication Title | United States Code, 2006 Edition, Supplement 5, Title 25 - INDIANS |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 25 - INDIANS CHAPTER 19 - INDIAN LAND CLAIMS SETTLEMENTS SUBCHAPTER I - RHODE ISLAND INDIAN CLAIMS SETTLEMENT Part A - General Provisions Sec. 1704 - Option agreements to purchase private settlement lands |
| Contains | section 1704 |
| Date | 2011 |
| Laws in Effect as of Date | January 3, 2012 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 95-395, §5, Sept. 30, 1978, 92 Stat. 814. |
| Statutes at Large Reference | 92 Stat. 814 |
| Public Law Reference | Public Law 95-395 |
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The Secretary shall accept assignment of reasonable two-year option agreements negotiated by the Governor of the State of Rhode Island or his designee for the purchase of the private settlement lands: Provided, That the terms and conditions specified in such options are reasonable and that the total price for the acquisition of such lands, including reasonable costs of acquisition, will not exceed the amount specified in section 1703 of this title. If the Secretary does not determine that any such option agreement is unreasonable within sixty days of its submission, the Secretary will be deemed to have accepted the assignment of the option.
(b) Amount of paymentPayment for any option entered into pursuant to subsection (a) of this section shall be in the amount of 5 per centum of the fair market value of the land or natural resources as of the date of the agreement and shall be paid from the fund established by section 1703 of this title.
(c) Limitation on option feesThe total amount of the option fees paid pursuant to subsection (b) of this section shall not exceed $175,000.
(d) Application of option feeThe option fee for each option agreement shall be applied to the agreed purchase price in the agreement if the purchase of the defendant's land or natural resources is completed in accordance with the terms of the option agreement.
(e) Retention of option paymentThe payment for each option may be retained by the party granting the option if the property transfer contemplated by the option agreement is not completed in accordance with the terms of the option agreement.
(Pub. L. 95–395, §5, Sept. 30, 1978, 92 Stat. 814.)
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