(1) The directors of any common or special school district of this state shall have full and complete authority without any authorization by electors of the school district to execute and deliver oil, gas, and mineral leases upon the lands of the school district, which leases are to contain such terms and are to be given for such consideration as is acceptable to the directors.
(2) Any and all oil, gas, and mineral leases covering lands of any such school district, hereafter executed by the directors of the school district, shall be valid and effectual and binding on the school district.
(3) All oil, gas, and mineral leases covering the lands of any common or special school district of this state which have been made and executed by the directors of the school district are declared to be binding on the school district and effectual for all the purposes therein set out.