(1) If both the landowner and the tenant of a land subject to tenancy right intend to allocate and exchange the land subject to tenancy right through their mutual consent or if either of them intends to convey the whole land to the landowner or the tenant, as the case may be, in consideration for an amount equal to the value of the land which he/she has agreed to so acquire at the prevailing rate and get the records of tenant crossed off, they shall make a joint application to the prescribed authority, setting out all the details related therewith and enclosing the evidence available to them.
(2) If any application is made as referred to in Sub-section (1), the prescribed authority may, if, on examination of the evidence attached with the application, he thinks it reasonable to allocate the land as requested by the applicant or to maintain the whole land in the name of any one of the landowner or the tenant, allocate the land accordingly or maintain the whole land in the name of one person and cross off the records of tenant.