§186-1 Definitions. When used herein:

"Board" means the board of land and natural resources;

"Department" means the department of land and natural resources;

"Owner" shall include any person leasing the real property of another under a lease having a stated term of not less than thirty years;

"Stumpage value" means the value that a willing buyer will pay to a willing seller per thousand board feet for trees standing and uncut. This value shall not include logging costs. [L 1963, c 141, §2; Supp, §87D-2; HRS §186-1]