27-564. Receipt and sale of royalty oil
131 words·~1 min read·
/az/title-27/27-564A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The department on its initiative and with the approval of the selection board may elect to receive royalty oil in kind from a lessee in lieu of a cash royalty, and the department may resell such royalty oil in the manner provided by the selection board.
B. An Arizona refinery business may request the department to elect to receive a quantity certain of royalty oil to be resold during a period of not less than one hundred eighty days by the department at a time contemporaneous with receipt of the royalty oil by the department. The department, on receipt of a due, proper and complete application by an Arizona refinery business, may, without approval of the selection board, elect to receive and sell such royalty oil pursuant to section 27-567.