(1) The usufructuary may, if he or she so desires, rent,
lease or mortgage the property obtained under the provision of
usufruct, by executing a deed, subject to the contract referred to in
sub-section (2) of Section 352.
Provided that:
(1) It is not required to execute a deed for renting a
property for a monthly rent not exceeding twenty
thousand rupees.
(2) If a property is so rented, leased or mortgaged, the
usufructuary shall give information thereof to the
owner.
(3) The property obtained under the provision of usufruct
may not be rented, leased or mortgaged for a period
that exceeds the validity period of usufruct.
(2) The usufructury shall, in renting, leasing or mortgaging
the property obtained under the provision of usufruct, mention in
the relevant deed that the property is under the provision of
usufruct.
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(3) If a rent, lease or mortgage of the property obtained
under the provision of usufruct is executed in contravention of subsections
(1) and (2), such a transaction shall ipso facto be void.
(4) A person who obtains a property on rent, lease or
mortgage pursuant to sub-section (1) shall be entitled to enjoy the
property as if the person were the usufructuary.