(1) Any person liable to pay betterment fee in respect of any land may, at any time, at his option, instead of paying the same to the Board, execute an agreement with the Board leaving the payment of the betterment fee or the balance thereof, as the case may be, outstanding as a charge on his interest in such land, subject to the annual payment, in perpetuity, of interest on such amount at the rate of six per cent per annum.
(2) Every payment due from any person in respect of a betterment fee, including a payment referred to in sub-section(1), shall notwithstanding anything contained in any law or agreement for the time being in force, be the first charge upon the interest of such person in such land, subject to the prior payment of land revenue, if any, due to the State Government, on such land.
(3) If any installment of interest due under an agreement executed in pursuance of sub-section(1) be not paid on the due date, or within such period of grace as may be, shall become payable on that date, in addition to such installment
(4) At any time after an agreement has been executed in pursuance of sub-section (1) any person may pay off the amount for which the charge has been created, with the interest due up to the date of such payment.