Section 3
SEC. 3. Upon compliance with the formalities prescribed in this Act, the Secretary of Agriculture and Natural Resources shall grant the lease applied for in accordance with the existing Public Land Law, and the petioning corporation shall then be authorized to hold the land applied for as lessee thereof for a period of time deemed just and equitable by said Secretary to compensate it for the investments made for improvements thereon, which period shall in no case exceed that fixed for leases in said Public Land Law.