(a) The commissioner shall determine the timber to be sold and the limitations, conditions, and terms of sale. The limitations, conditions, and terms shall include the utilization, development, and maintenance of the sustained yield principle, subject to preference among other beneficial uses. The commissioner may negotiate sales of timber without advertisement and on the limitations, conditions, and terms that are considered to be in the best interests of the state. Within a one-year period, the commissioner may not negotiate a sale without advertisement to the same purchaser of more than 500 M.B.M. or equivalent other measure of timber.
(b) Negotiated sales not exceeding 50 M.B.M. or the equivalent other measure of timber are exempt from the provisions of AS 34.15.150.
(c) The limitations of this section are not applicable to timber that becomes state property under the provisions of AS 45.50.210 — 45.50.235.