Basis of calculation of the extent of land held by the founder of a public trust

(1) Where under the terms of a public trust any interest either in the land in respect of which the public trust is created or in the income from such land is reserved in favour of the founder of such public trust, the authorised officer shall declare the extent of land which bears to the total extent of land held on the appointed day in respect of which the public trust is created, the same proportion as such interest bears to the total interest in such land or the income therefrom. (2) The extent of the land so declared under sub-section (1) – (a) shall, with effect from the date of such declaration, be deemed to be held by the founder; (b) shall be taken into account in calculating the extent of land held by him; and (c) shall cease to be the public trust property from the date of such declaration; but shall be subject to any other liability that may be subsisting on such land;