(1) In the case of any holding or surplus land, the management of which has been assumed under Chapter VI or Chapter VII, the foregoing provisions of this Act, except those of Chapter VI or as the case may be, Chapter VII and of sections 92, 116, 118, 119, 120, 124, 126 and 127 shall not apply to such holding or land so long as such management continues.
(2) On the termination of management, the foregoing provisions of this Act shall apply to such holding or as the case may be, to such surplus land subject to the following modifications, namely:-
(a) if on the date of the termination of the management, any land comprised in such holding is in the possession of a tenant holding it from the landlord immediately before the assumption of the management or where such tenant is dead, in the possession of his successor-in-title [and if the management had been assumed before the landlord could exercise the right to terminate the tenancy under section 38], the landlord shall be entitled to terminate the tenancy under section 38 within two years from the date of the termination of the management;
(b) if on the date of the termination of the management, any land comprised in such holding or, as the case may be, the surplus land is in the possession of a lessee holding it under a lease granted by the Manager, then on the expiry of the period of the lease the person, to whom the possession of such holding or surplus land is delivered under section 79 or 85, shall be entitled to take possession of such land unless the said lessee within a period of three months from the expiry of the lease offers to purchase the land. Such offer shall be made in the manner provided in section 43 and thereupon the provisions of that section shall mutatis mutandis apply to such purchase as if the said lessee were a tenant applying under section 43:
Provided that, where by such purchase, the interest of the tenure holder as well as the interest of the tenant, if any, holding from the tenure-holder is acquired by the lessee, the amount payable to the landlord under sub-section (4) of section 41 shall be apportioned by the Tribunal between the tenure-holder and the tenant and paid accordingly.