The provisions of this Chapter shall apply in respect of water Application

(1) The person liable to pay a betterment tax may, it has option, instead of making either a lump-sum payment or payment by inStaltnents where allowed by the Board, execute an agreement with the Board or any other authority Specially authorised by the State Government in this behah’, to 1eave the said liability outstanding as a charge on his interest in the tand Subject to the pavement in perpe- tuity of interest at the rate of 6% per annum. (2) A person who has exercised his option under sub—Section (1) may at any time after giving six months notice of his intention so to do, redeem the Charge of paying the assessed amount of betterment tax 01‘ such part of it as may have been outstanding against him at the time he executed the agreement under sub-section (1).