(1) The Department of State Lands may exchange any state lands under its control for any other lands in this state for the purpose of accumulating larger and contiguous tracts of state lands. The department may enter into the necessary contracts to accomplish such purposes, subject to the rights of lessees under ORS § 273.321. The exchange may be made on the basis of value or acreage, and the department may pay or accept money as part of the consideration to the extent required for a fair transaction.

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(2) The object of this section is to authorize the department to exchange isolated tracts of state lands for the purpose of accumulating larger and contiguous tracts of state lands. [Formerly 273.700; subsection (2) (1967 Replacement Part) enacted as 1967 c.421 § 64; subsection (2) enacted as 1967 c.148 § 2; 1969 c.594 § 25]

[Formerly 273.590; 1967 c.421 § 81; renumbered 273.535]