(1) The Commissioner of State Lands is authorized and empowered to grant and convey to the federal government, or to any duly constituted agency thereof, all state lands owned by the State of Arkansas in any area designated as a submarginal land project when the Commissioner of State Lands has been officially notified by the proper government authority that the project has proceeded to the stage where it is necessary and proper for the state to execute and deliver the conveyance.
(2) The state shall convey only such right in and to the lands as it may hold therein, and it shall not be liable on account of the failure of title of any of the lands.