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Director of the Office of State Lands & Investments v. Merbanco6/6/2003
tutory trust. We also observe the challengers provide no authority to support the proposition that exchanges per se would violate a trustee's fiduciary duty to the beneficiaries of a trust, should one exist. Given the statutory criteria for exchanges, one could persuasively argue that exchanges which meet those criteria are necessarily in the interest of the beneficiaries of the school lands fund. Section 36-1-111(a).
CONCLUSION
The constitution prohibits the sale of school lands without a public auction. However, the framers did not include a specific prohibition against the exchange of school lands without a public auction. We will not read such a requirement into the constitution and, therefore, conclude the statutes and regulations authorizing the exchange of school lands do not violate the constitution. In the absence of a clear constitutional prohibition of exchanges without auction, the legislature properly exercised its power to adopt statutes which specify the circumstances in which such exchanges are allowed and authorized the adoption of administrative regulations regarding the same. We affirm the district court's denial of the state's motion to dismiss in Case No. 01-261 and answer the reserved questions in Case No. 02-18 "no."
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