(1) Notwithstanding anything contained in this Act or in any other law for the time being in force, every member of a joint farming society as classified under the rules, whose lands have been pooled in the manner set out in the bye-laws of the society concerned, shall execute an agreement with the joint farming society specifying the period for which the land shall vest in the joint farming society, and the basis on which the share of his income shall be determined and such other matters as may be specified in the bye-laws.
(2) Notwithstanding anything contained in this Act or any other law for the time being in force, no agreement executed under sub-section (1) shall be valid unless such agreement is registered by the SubRegistrar, having jurisdiction over the area in which the lands are situated.
(3) The lands pooled by an agreement under sub-section (1), shall, after the expiry of the period of the agreements, revest in the members, as were before the agreement:
[ Provided that where the land is allotted or leased or rented by the Government, or a municipal or some other local body or any other organisation of the Government, such land shall be surrendered back to the concerned, where the society has ceased using the land for the purpose for which it was originally allotted or leased or rented.]