(1) Where, before the commencement of this Act, the collection of tolls has been leased to any person under any law (other than the Bombay Ferries and Inland Vessels Act, 1868 (Bom. II of 1868), * * * or the Hyderabad Ferries Act, or the Northern India Ferries Act, 1878) (Hyd. Act No. II of 1314, F. XII of 1878), for the time being in force and the lease relates wholly or in part to any period subsequent to the commencement of this Act, the amount which the lessee has contracted to pay to the local authority concerned or to the State Government shall be reduced by the amount of the loss suffered by him in consequence of this Act having come into force.
(2) If the lessee and the local authority are unable to agree as to the amount of such loss, or if any other dispute arises between them has to the effect of the Act, and the contract of lease, such dispute shall be decided by the Collector of the district, and any such dispute arising between the State Government and their lessee shall be decided by such authority as may be prescribed. The decision of the Collector or, as the case may be, of the prescribed authority, shall be final.