MS HB1278

Establishes that leases of sixteenth section lands executed by school boards are presumed valid upon execution, without requiring prior approval from the Secretary of State.

Requires school boards to notify the Secretary of State within 10 days of lease execution; allows the Secretary 30 days to challenge a lease in chancery court by proving it is unconscionable or otherwise invalid by clear and convincing evidence.

Provides immunity from individual liability for school board members acting in good faith and relying on board attorney advice when entering into such leases.

Applies the same presumption of validity and approval procedures to re-leases and extensions of sixteenth section lands under Sections 29-3-63 and 29-3-69.

Clarifies rental value requirements: industrial and commercial lands must have annual rental of at least 5 percent of current market value; other lands must reflect fair market rental as determined by appraisal or comparative analysis.