As to any property acquired pursuant to ORS § 549.605 to 549.645, the Water Resources Commission may sell, donate, exchange or lease it or grant easements thereon, on terms which are beneficial to the state and meet all federal flood control project requirements; and the commission, or one or more of its members or employees designated by the commission to represent it, may execute and deliver, in the name of the State of Oregon, a lease, deed or other instrument of conveyance of such property. These leases, deeds and instruments may contain such reservations as the commission deems necessary to protect the interests of the state in flood control. [1957 c.466 § 5]