Right of lessee to purchase lands

(1) Any person to whom lands over which management is assumed under section 51 or section 53-C are leased shall be entitled to purchase such lands, subject to the provisions of sub-section (2), on the same terms as protected tenants are entitled to do under section 38:

Provided that the extent of land left to a landholder shall not be less than three times the area of a family holding for the local area concerned.

(2) The reasonable price payable by a person to the landholder under sub-section (1) shall not exceed twenty times the recurring payment payable as compensation under sub-section (7) of section 53-C for drylands, twelve times in the case of wet lands irrigated by wells and nine times in the case of wet lands irrigated by other sources, of such recurring payment, but shall in no case exceed the market value of the land in the locality.