(1) If the holding of a raiyat or a portion thereof is lost by diluvion, the rent of the holding shall, on at plication made by the raiyat in the prescribed manner to the Revenue Officer, be remitted or reduced by an amount as the Revenue Officer may consider fair and equitable.
(2) The right, title and interest of the raiyat shall subsist in such holding or portion thereof during the period of loss by diluvion not exceeding twenty years and subject to the provisions of Section 52, the raiyat shall on its reappearance at any time within the said period have the right to possess such land and be liable to pay such rent as in the opinion of the Revenue Officer is fair and equitable.