(1) The proceeds from a sale of state trust land must be deposited in the land banking fund to which the land belonged.

(2) When the board conducts a sale of state trust land pursuant to the land banking program, the board shall distribute the proceeds according to the provisions of 77-1-109 , 77-2-337 , 77-2-361 , 77-2-362 , 77-2-363 , 77-2-364 , 77-2-365 , 77-2-366 , and 77-2-367 , MCA.

(3) Proceeds from the sale of land from within individual trusts may be pooled to acquire tracts of land to add to state trust land, if approved by the board after consultation with the affected beneficiaries.

(4) If land banking expires in 2008, any proceeds remaining in the state trust land bank fund must be expended by the 10th year after the effective date of each sale.

(5) Any remaining proceeds must be deposited in the appropriate permanent trust fund.

(6) The department shall account separately for individual trust receipts.

(7) If land banking is authorized beyond 2008, the proceeds in the land banking funds must remain intact and available for land banking purposes.