(1) Any person liable to pay betterment charges in respect of any land may at his option, instead of paying the same to the Board, execute an agreement with the Board to leave the payment outstanding as a charge on his interest in the land, subject to the payment in perpetuity of interest at such rate as may be prescribed.
(2) Every payment due from any person in respect of betterment charges and every charge referred to in sub-section (1) shall notwithstanding anything contained in any other enactment and notwithstanding the execution of any mortgage or charge created either before or after the commencement of this Act, be the first charge upon the interest of such person in such land.
45. A11 sums payable in respect of any iand by any person in respect of betterment charges under section 42 or by any person under an agreement under section 44 shall be recoverable on behalf of the Board as an arrear of land revenue.
46. Subject to any rules made by the State Govern— ment under this Act, the Board may retain,1ease, sell, exchange or otherwise dispose of, any land, any building or other property vesting in it and situate in the area comprised in housing scheme permitted under this Act.
'71h 47?. (3} Where by the making of a housing scheme, any plot comprised in the area included in the schemes are reconstituted or any person is dispossessed, any person afiectecl by such reconstitution or dispossession may apply to the Board for compensation. The Board may, after making such inquiry as it thinks fit, decide whether the applicant is entitled to any compensation and if so to what extent- If the person is dissatisfied With the decision of the Board in the matter, he may inform the Board accordingly. The Board shall thereupon refer the matter to the Tribunal.
(2): The- Tribunal shall then after making an inquiry 'determine the amount of compensation and direct the Board to pay the same to the person entitled.