(1) Any person liable to the payment of betterment charge may, at his option Instead of making a payment thereof to the Authority. execute an agreemem with the Authority to leave the said payment outstanding as• charge on his lnterest in the land. subject to the payment lo perpetuity of interest at the prescribed rate, the first annual payment of such interest being made at such time and in such manner as may be flx.ed by the rules:
Provided that. within a period often years from the date on whlcb the first payment of interest is made by any person, he may, at any time, pay the betterment charge m full In a lump sum and thereupon the agreement ex~ut.ed by him shall stand terminated and the charge created by him on his interest in the land shall also stand released.
(2) Every payment due from any person in respect of a betterment charge and e11ery charge referred to ln sub·sectlon (1) shall notwithstanding anything contained In any-other law for the time being in force but subject to the payment of any dues of the Government. or of any local authority, be the first charge upon the interest of such person in such land
CHAPTER·Vlll LAND AHD PROPERTY REI.A.TED PROVISIONS
38. The Authortty may acquire any movable or Immovable property by purchase, exchange, gift. lease. mortgage, negotiated settlement, or by any other means permissible under any law.
A~lsllionof 39. The Authority may acquire land by mutual agreement by payjng such amount ~ and also on such other terms and conditions as may be agreed upon th.rough 9C:tlJa'ICot negotiated settlement In such manner as may be prescribed.
P~to 4-0. Any land required. reserved or designated lo any development plan shall be ICqUire i-s deemed to be the land needed for publtc purpose within the meaning of the Right to Fair Compensation and Transparency in Land Acquisition, under prevailing RehabUltation and Resettlement Act. and may be acquired by the Government on the request by the Authority or other authority or functional unit.
Cr1lllioD lllCI 41. The Authority shall create and maintain a Capital Region Land Development ::-'"of Bank In whlcb all lands acquired, allotted, purchased or obtained through any mode ~ sh.all be maintained, protected and used for the further.mce of the objectives of the Bank Act.
Tran3feT' of Gottrnmmt Land tX> the Autbomy