33. Right of * * * tenants to exchange land.- (1) Notwithstanding anything contained in this Act or any other law or any agreement or usage, the * * * tenants holdings lands * * * * as such * * * tenants may agree and may make an application to the Mamlatdar in the prescribed form for the exchange of their tenancies in respect of the lands held by them as * * * tenants.
(2) On receipt of the application, the Mamlatdar after giving notice to the landlords concerned and after making an inquiry may sanction the exchange on such terms and conditions as may be prescribed and may issue certificates in the prescribed form to the applicants.
(3) The certificates so issued shall be conclusive of the fact of such exchange against the landlords and all persons interested in the lands exchanged.
(4) Each of the two * * * tenants shall on exchange hold the land on the same terms and conditions on which it was held by the original tenant immediately before the exchange subject to such modifications as may have been sanctioned by the Mamlatdar.