Cessation of the rights of the Temple.

On and after the commencement of this Act, notwithstanding anything contained in any law or contract or in any decree or order of court, the Temple shall— (1) cease to have any right, claim or interest in respect of— (i) the lands comprised in the holdings; and (ii) tharissu, and (2) cease to have any right to collect arrears of rent in respect of lands comprised in any holding which remain unpaid to the Temple on the date of commencement of this Act, but the Temple shall be entitled to receive and be paid compensation as hereinafter provided for the extinguishment of such rights, claims and interests.