(1) An occupancy tenant shall be entitled to purchase the right in the land of a tenure-holder from whom he holds the land in accordance with the provisions of this section.
(2) An occupancy tenant desiring to purchase the right of the tenure-holder in the land may apply to the Tribunal in the prescribed form and deposit with application a sum equal to ten times the rent if he holds the land from a Bhumiswami and seven times the rent if he holds the same from a Bhumidhari.
(3) On such deposit being made, the Tribunal shall declare such tenant to be Bhumiswami or Bhumidhari, as the case may be, of the land in question, fix the amount of land revenue payable for such land and pay tenure-holder the amount deposited by the tenant.
(4) The declaration made under sub-section (3) shall take effect from the commencement of the agricultural year next following the date of such declaration and from such date the rights of the tenure-holder in the land shall stand extinguished.
(5) No mortgage, charge or encumbrance subsisting on the land on the date of the application made under sub-section (2) by the occupancy tenant shall be affected by the declaration made under sub-section (3).