(1) Any property, mortgaged with an evacuee and declared as evacuee property, alloted to a displaced person under valid orders, but redeemed by the mortgagor under any law for the time being in force, shall continue to remain in possession with such person on the same conditions on which he held it before the date of redemption.
(2) Where any property mentioned in sub-section (1) is redeemed by the owner (mortgagor) thereof, it shall be lawful for the Government notwithstanding anything in this Act, to-
(a) transfer to the owner, in lieu of the property, any immovable property belonging to the Government having the same value; or
(b) acquire such property by publishing a notification in the Government Gazette to the effect that the Government has decided to acquire such land in pursuance of this section.
(2) The provisions of section 14-B of this Act shall apply mutatis mutandis in relation to payment of compensation and interest thereon.]
CHAPTER-III Certain Consequences of Property Vesting in Custodian