Amendment status not verified — confirm the current text below against the official source.
(1) Where an application under section 62 has been allowed and the purchase price determined under section 65 by the Land Tribunal, the cultivating tenant shall deposit with the Land Tribunal to the credit of the Land Board, -- *[(i) where the purchase price is proposed to be paid in a lump, the entire amount due within one year; or (ii) where the purchase price is proposed to be paid in instalments, the first instalment thereof within six months, from the date on which the order of the Land Tribunal under section 65 has become final: Provided that the Land Tribunal may, on application by the cultivating tenant before the expiry of the said period of one year or six months, as the case may be, extend the period for making such deposit, so however that the period so extended shall not exceed three months.] (2) On the deposit of the purchase price in a lump or of the first instalment of such price, the Land Board shall issue a certificate of purchase to the cultivating tenant and thereupon the right, title and interest of the landowner and the intermediaries, if any, shall vest in the cultivating tenant free from all encumbrances with effect *[from the date of the application under section 62]. The certificate of purchase shall be conclusive proof of the purchase by the tenant of the right, title and interest of the landowner and intermediary, if any, over the holding or portion thereof. *[ Explanation. - For the removal of doubts, it is hereby declared that on the issue of the certificate of purchase, the landowner or any intermediary shall have no right in the land comprised in the holding and all his rights including rights, if any, in respect of trees reserved for his enjoyment shall stand extinguished]. ________________________________________________________________________ * Inserted vide Act No.1 of 1981 w.e.f 1-4-1981vide Notification published in the Extraordinary Gazette No.32 dated 30.03.1981. 117 (3) Where a cultivating tenant fails to deposit the purchase price in lump or the first instalment thereof on or before the due date, the order of the Land Tribunal under section 65 shall stand cancelled and the cultivating tenant shall continue as cultivating tenant. (4) Where the purchase price is paid in instalments, the second and subsequent instalments shall be deposited in the Government treasury in the prescribed manner to the credit of the Land Board. Interest on defaulted instalments *[68. If the second or any subsequent instalment of the purchase price is not deposited on the due date the amount of such instalment shall bear interest at the rate of 4 ½ per cent per annum from that date till the date of deposit of that instalment. Cultivating tenant to pay rent pending determination of purchase price