(A) All submerged archaeological historic property and artifacts and all submerged paleontological property located on or recovered from submerged lands over which the State has sovereign control, are declared to be the property of the State.
(B) Title to submerged archaeological historic property and artifacts and all submerged paleontological property, or a portion of the property recovered from submerged lands over which the State has sovereign control, may be conveyed by the State to a licensee pursuant to a license issued by the institute.