Management of forests, the joint-property of Government and other person

(1) If the State Government and any person be jointly interested in any forest or waste land on in the whole or any part of the produce thereof, the State Government may either — (a) undertake the management of such forest, waste land or produce accounting to such person for his interest in the same; or (b) issue such regulation for the management of the forests, waste land or produce by the person so jointly interested as they deem necessary for the management thereof and the interest of all parties therein. (2) When the State Government undertake under Clause (a) of Sub-Section (1) the management of any forest, waste land or produce, they may, by notification, declare that any of the provisions contained in Chapters II and IV shall apply to such forest, waste land or produce, and thereupon such provisions shall apply accordingly.