State’s property whether built upon or not may be exchanged against the property of the same description belonging to private persons.
The properties to be exchanged shall first be valued jointly by the department of lands and the private person concerned. If there is a difference in value, a balance in cash shall be receivable or payable by the state.
Any natural person or corporate body exchanging property with the state must before the deed of exchange is drawn up, proceed with an attestation that the property is not mortgaged or a memorandum that the mortgage has been discharged.
Deeds of exchange shall be appointed by decree.