Deposit of purchase price and issue of certificate of purchase

(1) Where an application under section 54 has been allowed and the purchase price determined under section 57 by the Land Tribunal, the cultivating tenant shall deposit with the Land Tribunal to the credit of the Land Board,— (i) where the purchase price is proposed to be paid in a lump, the entire amount due within one year; or (ii) where the purchase price is proposed to be paid in instalments, the first instalment thereof within three months, from the date on which the period prescribed for preferring appeal from the orders of the Land Tribunal has expired or, where there was an appeal, from the date on which the appeal was disposed of. (2) On the deposit of the purchase price in a lump or of the first instalment of such price, the Land Board shall issue a certificate of purchase to the cultivating tenant and thereupon the right, title and interest of the landowner and the intermediaries, if any, shall vest in the cultivating tenant free from all encumbrances with effect from the date of such deposit. The certificate of purchase shall be conclusive proof of the purchase by the tenant of the right, title and interest of the landowner and the intermediary, if any, over the holding or portion thereof. (3) Where a cultivating tenant fails to deposit the purchase price in lump or the first instalment thereof on or before the due date, the order of the Land Tribunal under section 57 shall stand cancelled and the cultivating tenant shall continue as cultivating tenant. (4) Where the purchase price is paid in instalments, the second and subsequent instalments shall be deposited in the Government treasury in the prescribed manner to the credit of the Land Board.