Amendment status not verified — confirm the current text below against the official source.
(1) Any person liable to pay a betterment fee in respect of any land may, at his option instead of paying the same to the Board, execute an agreement with the Board to leave the payment outstanding as a charge on his interest in the land, subject to the payment in perpetuity of interest at the rate of six per cent per annum, the first annual payment of such interest to be made one year from the date referred to in section 85. (2) Every payment due from any person in respect of a betterment fee and every charge referred to in sub-section (1) shall, notwithstanding anything contained in any other enactment and notwithstanding the existence of any mortgage or other charge, whether legal or equitable, created either before or after the commencement of this Act. be the first charge upon the interest of such person in such land, subject to the prior payment of land revenue, if any, due to the Government on such land. (3) If any instalment of interest due under an agreement executed in pursuance of sub-section (1) be not paid on the date on which it is due, the betterment fee shall become payable on that date, in addition to the said instalment. (4) At any time after an agreement has been executed in pursuance of sub-section (1), any person may pay off the charge created thereby, with the interest due up to the date of such payment. (5) When an agreement in respect of any land has been executed by any person in pursuance of sub-section (1), no suit with respect to such agreement shall be brought against the Board by any other person (except an heir, executor or administrator of the person first aforesaid) claiming to have an interest in the land.