Power of the Collector to cancel or vary leases etc. of lands vested in Panchayats

(1) Notwithstanding anything contained in this Act, or the Shamilat law or in any other law for the time being in force, the Collector in the area of his jurisdiction may call for the record of any lease contact or agreement entered into by the Panchayat in respect of land vested or deemed to be vested in it, whether such lease, contact or agreement is entered before or after the commencement of the Punjab Village Common Lands (Regulation) Amendment Act,1964 and examine such record for the purpose of satisfying himself as to the legality or propriety of such lease, contract or agreement. (2) Where, on examination of the record under sub-section (1) and after making such inquiry, if any, as he may deem fit, the Collector is satisfied that such lease, contract or agreement : (i) has been entered into in contravention of any of the provisions of this Act or the Rules made there under ; (ii) has been entered into as result of fraud or concealment of fact ; or (iii) is detrimental to the interests of the panchayat as prescribed; the Collector may, notwithstanding anything as aforesaid, cancel the lease, contract or agreement or vary the terms thereof unconditionally or subject to such conditions as he may think fit ;