OK HB4333

Adds "investment" as a third category for state school lands alongside agricultural and commercial, allowing the Commissioners to acquire, purchase, and exchange real property as investment assets with a 5% cap on permanent school fund investments in real property

Authorizes external real estate property managers to manage investment properties with full discretion on leasing and operations, with investment real estate leases capped at 25 years and exempt from the 55-year commercial lease limit

Changes land exchange requirements from mandatory ("shall") to permissive ("may") and requires unanimous vote of voting members present for private sales or exchanges of state-owned lands

Prohibits the Commissioners from taking any action to impede development of oil, gas, or mineral interests, and allows oil and gas leases to be encumbered with Commissioner approval

Grants the Secretary of the Land Office authority to organize the Land Office structure and execute certain instruments via resolution, designates Lieutenant Governor as vice-chair if none elected, and removes the cash drawer change fund provision