(1) Any owner of any land or, if there be more than one owner thereof the owners of all the shares therein may, with a view to the formation or preservation of forest thereon, apply in writing to the State Government to take over the management of such land and the State Government may, on such application, where it is of opinion that it is expedient in public interests to form or preserve the forest, by notification, assume the management of such land.
(2) When the management of any land is assumed under sub-section (1), save as otherwise agreed to between the State Government and the applicants, the net profits, if any, arising from the management of the land shall be paid to the owners.
1964: KAR. ACT 5] Forest 381
(3) The period of management shall be such as may be agreed to between the State Government and the applicants.
(4) In all other respects the provisions of this Chapter in respect of a forest the management of which has been assumed by the State Government under sub-section (1) of section 43 shall be applicable.