If any lands in the present or in any former channel of any navigable river, or island therein, or any lands formed by accretion or avulsion in consequence of the changes of the channel of any such river, have been for ten years or more in the possession of any person, company, or corporation, or of its grantors or predecessors in interest under a bona fide claim of ownership, and the person, company or corporation so in possession, or its grantors or predecessors in interest, have paid state or county taxes upon said lands for a period of five years, and have in good faith and under bona fide claim of title made valuable improvements thereon, and also in any other case where, in the judgment of the executive council, the person in possession of any land subject to the provisions of this chapter, has, in equity and good conscience, a substantial interest therein, then the said lands shall be sold to the person, company, or corporation so in possession thereof as hereinafter provided.
[S13, § 2900-a16; C24, 27, 31, 35, 39, § 10238; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 568.18]
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