Transfer to be on free hold or lease hold basis

(1) Every transfer of land under section 49 or section 50 shall be either on free hold basis or on lease hold basis.

1. (2) Any land sold, allotted, regularized or otherwise transferred on lease hold basis may be converted in free hold basis subject to such terms and conditions, and on payment of such conversion charges, as may be prescribed. Explanation.- For the purposes of this section, "free hold" means tenure in perpetuity with right of inheritance and alienation.