(b)
Authority of tribe
When authorized by an appropriate tribal resolution establishing a general policy for leasing of Indian agricultural lands, the Secretary—
(1)
shall provide a preference to Indian operators in the issuance and renewal of agricultural leases and permits so long as the lessor receives fair market value for his property;
(2)
shall waive or modify the requirement that a lessee post a surety or performance bond on agricultural leases and permits issued by the Secretary;
(3)
shall provide for posting of other collateral or security in lieu of surety or other bonds;
(4)
when such tribal resolution sets forth a tribal definition of what constitutes “highly fractionated undivided heirship lands” and adopts an alternative plan for providing notice to owners, may waive or modify any general notice requirement of Federal law and proceed to negotiate and lease or permit such highly fractionated undivided interest heirship lands in conformity with tribal law in order to prevent waste, reduce idle land acreage, and ensure income; and
(5)
shall approve leases and permits of tribally owned agricultural lands at rates determined by the tribal governing body.