Special provisions relating to religious, charitable and educational institutions of a public nature

(1) Notwithstanding anything contained in (1) Notwithstanding anything contained in sections 53 to 64, where, in respect of a holding, the landowner or the intermediary is a religious, charitable or educational institution of a public nature, such institution may choose— (i) whether the right, title and interest of the institution in respect of the holding may be permitted to be purchased from the institution by the cultivating tenant on payment of the purchase price; or (ii) whether such right, title and interest should be vested in the Government in consideration of the payment of an annuity in perpetuity by the Government: Provided that the choice of the institution under this sub-section shall be the same in respect of all lands held by tenants under it. (2) The annuity payable to the institution in consideration of the vesting in the Government of its right, title and interest in respect of a holding shall be a sum equal to the annual rent which the institution was entitled to receive immediately before the 21st January, 1961, after deducting 2 1/2 per cent thereof by way of collection charges: Provided that where, in respect of a holding held by a tenant referred to in section 4, section 5, section 6, section 7, section 8, section 9, section 10 or section 11, there was no stipulation for payment of any rent immediately before the 21st January, 1961, the annuity shall be an amount equal to 4 1/2 per cent of sixteen times the fair rent in respect of the holding determined under section 31. Explanation.—Where the rent payable to an institution is in kind, the annuity payable shall be commuted into money at the average of the prices of the commodity for six years immediately preceding the year in which the annuity is determined.