(1) If the State Government and any person be jointly interested in any forest or waste land, or in the whole or any part of the produce thereof, the State Government may either,
(a) undertake the management of such forest, waste land or produce, accounting to such person for his interest in the same; or
(b) issue such regulations for the management of the forest, waste land or produce by the person so jointly interested as it deems necessary for the management thereof and the interests of all parties therein.
(2) When the State Government undertakes under clause (a) of sub-section (1) the management of any forest, waste land or produce, it may, by notification, declare that any of the provisions contained in Chapters II and IV shall apply to such forest, waste land or produce, and thereupon such provisions shall apply accordingly.