(1) Subject to the provision of sub-section (2) and of section 10 every protected tenant of the inamdar shall, with effect from and on the appointed date be entitled to be registered as an occupant in respect of lands of which he was a protected tenant immediately before the appointed date.
(2) In addition to the annual land revenue payable in respect of the land, a protected tenant entitled to be registered as an occupant of any land under sub-section (1), shall be liable to pay to the State Government as premium for acquisition of ownership of the land, an amount equal to fifty times the land revenue of such land. The amount of premium shall be payable in not more than ten annual instalments along with the annual land revenue and in default of such payment, the amount due shall be recovered as an arrear of land revenue due on the land in respect of which it is payable.