33. (1) The person for the time being entitled to and in possession of a settled estate may, with the previous sanction of the [State Government], transfer the same or any part thereof or any interest therein, either to the [Government] or to any local authority, company or person, and in such case the provisions of section 32 shall not be applicable.
(2) Sanction shall only be given under sub-section (1) where the transfer is in the opinion of the [State Government] for a public purpose of a charitable or religious nature or for a purpose beneficial to the public or to a section of the public, and any such sanction may impose such conditions as the [State Government] deems expedient in respect of the extent or nature of the transfer or of the terms of the instrument (if any) by which the transfer is to be effected, or of any other matter.
(3) The [State Government] in giving such sanction may also direct that the whole or any portion of the consideration for the transfer shall be used in the purchase of other immovable property and that the property so purchased shall form part of the settled estate.
Explanation In this section "company" means a company as defined in clause (e) of section 3 of the Land Acquisition Act, 1894.