(1) In the case of every tenancy agreement entered into after the date of the commencement of this Act between a cultivating tenant and a public trust, a lease deed shall be executed in triplicate in the prescribed form, within a reasonable time after the commencement of such tenancy, specifying the name and description of the cultivating tenant, the name (if any), survey number, description and extent of the land leased out, and the terms of the tenancy and shall be signed both by the trustee of the public trust and by the cultivating tenant. One of the three copies shall be kept by the trustee of the public trust, one shall be kept by the cultivating tenant and the third shall be caused to be lodged in the Taluk Office by the trustee of the public trust within a fortnight of the date on which the cultivating tenant signs it:
Provided that if the trustee of the public trust or the cultivating tenant refuse or delays unreasonably to execute the lease deed, it shall be open to the cultivating tenant or the trustee of the public trust, as the case may be, to lodge the deed in the Taluk Office with a declaration that the other party refused or delayed unreasonably to execute it.
(2) No stamp need by affixed to the lease deed.
(3) In the case of any tenancy, if the trustee of the public trust or the cultivating tenant refuses to sign or fails to lodge the lease deed in accordance with the provisions of sub-section
(1), the authorized officer may, after holding such enquiry as may be prescribed, impose on the trustee of the public trust or the cultivating tenant, as the case may be, a penalty which may extend to fifty rupees; and any penalty so imposed may be recovered as if were an arrear of land revenue.