24. Surrender and regrant

When for the convenience of the Government the owner of any land held under a grant in fee simple surrenders the grant to the intent that the owner may receive a grant in lieu thereof, the President is to issue a grant in lieu thereof in fee simple for land either in the same place or elsewhere, or for land partly in the same place and partly elsewhere, except that the land to be held under the new grant is approximately equal in value to the land held under the grant to be surrendered.[16