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30 U.S.C. § 292 — Royalties and rentals; disposition

submitted 100 years ago by ch. 503 to r/title-30-MINERAL-LANDS-AND-MINING · 125 words · no verdicts yet

in plain englishAI-generated · not legal advice

A company mining gold, silver, or quicksilver under one of these leases must pay the government a royalty of 5 to 12½ percent of the mine's net output value. Payments are due monthly. All royalty and rental money goes to the U.S. Treasury and is handled the same way as royalties under section 191.

If you lease land to mine gold, silver, or quicksilver, you must pay the United States a royalty for that privilege. The royalty must be at least 5 percent and no more than 12½ percent of the net value of what the mine produces. It's due at the end of each month after the minerals are taken out of the mine. All the money collected from these royalties and rentals goes into the U.S. Treasury, and it's handled the same way as royalties and rentals collected under section 191 of this title.
the actual law source: uscode.house.gov ↗public domain

For the privilege of mining or extracting the gold, silver, or quicksilver deposits in the land covered by such lease, the lessee shall pay to the United States a royalty, which shall not be less than 5 per centum nor more than 12½ per centum of the net value of the output of the gold, silver, or quicksilver at the mine, due and payable at the end of each month succeeding that of the extraction of the minerals from the mine. All moneys received from royalties and rentals under the provisions of this chapter shall be deposited in the Treasury of the United States, and disposed of in the same manner as rentals and royalties under the provisions of section 191 of this title.

Source credit: (June 8, 1926, ch. 503, § 2, 44 Stat. 710.)

history & why it existsrecord from the source credit
  • 1926Enacted · Act of June 8, 1926, ch. 503 · 44 Stat. 710

A history note hasn’t been published yet. The record shows enactment by ch. 503 on 1926-06-08.

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