|(a) Purpose. Land dedicated to or acquired for the use and benefit of the permanent school fund may be traded to: (1) aggregate sufficient acreage of contiguous land to create a manageable unit; (2) acquire land having unique biological, geological, cultural, or recreational value; (3) create a buffer zone for the enhancement of already existing public land, facilities, or amenities; or (4) acquire land for the use and benefit of the permanent school fund as determined by the School Land Board to be in the best interest of the fund. (b) Application. Applications for proposed trades shall be filed with the secretary of the School Land Board and shall give a complete description of those lands to be considered for trade. (c) Appraisal. At the direction of the School Land Board, lands proposed for trade will be appraised by General Land Office appraisers. (d) Approval. Upon a decision by the School Land Board and the commissioner of the General Land Office that a proposed trade is in the best interest of the people of Texas and that the proposed trade is based on an appraised equal value basis, the proposed trade may be approved. (e) Delivery. Trades will be made by deed to be signed jointly by the commissioner of the General Land Office and the governor. Failure of the governor to sign such deed constitutes his veto of the proposed trade and the proposed trade shall not be made. (f) Report to the legislature. In the event any trade is made, the School Land Board will report each trade to the succeeding legislature setting out such facts as warranted the trade.