(1) This section applies to:

(a) First-class tidelands as defined in RCW 79.105.060;

(b) Second-class tidelands as defined in RCW 79.105.060;

(c) First-class shorelands as defined in RCW 79.105.060;

(d) Second-class shorelands as defined in RCW 79.105.060, except as included within RCW 79.125.450;

(e) Waterways as described in RCW 79.120.010.

(2) Notwithstanding any other provision of law, from and after August 9, 1971, all state-owned tidelands and shorelands enumerated in subsection (1) of this section shall not be sold except to public entities as may be authorized by law and they shall not be given away.

(3) Tidelands and shorelands enumerated in subsection (1) of this section may be leased for a period not to exceed fifty-five years. However, nothing in this section shall be construed as modifying or canceling any outstanding lease during its present term.

(4) Nothing in this section shall:

(a) Be construed to cancel an existing sale contract;

(b) Prohibit sale or exchange of beds and shorelands where the water course has changed and the area now has the characteristics of uplands;

(c) Prevent exchange involving state-owned tidelands and shorelands;

(d) Be construed to prevent the assertion of public ownership rights in any publicly owned aquatic lands, or the leasing of such aquatic lands when such leasing is not contrary to the statewide public interest.