( 1) Notwithstanding anything contained in \ 41 sections 53 to 64, where, in respect of a holding, the landowner or the mtermediary is a re!Jgious, charitable or educational institution of a public nature, such institution may choose-
(i) whether the nght, title and interest of the institution in .respect of the holding may be permitted to be purchased from the insti· tution by the cultivating tenant on payment of the purchase price; or ( iz) whether such right, title and interest should be vested m the Government in consideration of the payment of an annuity in per petuity by the Government :
Provided that the choice of the institution under this sub-section shaJl be the same in respect of all lands held by tenants under it.
(2) The annuity payable to the institution in consideration of the vesting m the Government of its right, title and interest in respect of a holding shall be a sum equal to the annual rent which the institution was entitled to receive Immediately before the 21st January, 1961, after deducting 2~ per cent thereof by way of collection charges :
Provided that where, in respect of a holdmg held by a tenant referred to m section 4, section 5, section 6, sectiOn 7, section 8, section 9, section l 0 or sectiOn ll, there was no stipulation for payment of any rent Immediately before the2lstJanuary, 1961, the annuity shaJl be an amount equal to 4~ per cent of sixteen times the fair rent m respect of the holding determmed under section 31.
Explanatzon.-Where the rent payable to an institution is in kind, the annuity payable shall be commuted into money at the average of the prices of the commodity for s1x years immediately preceding the year in which the annuity is determined.