(5)The option of the Village Panchayat referred to in sub-section (4) shall be exercised by such Village Panchayat before the expiry of a period of three months from the date of resumption of the possession and administration of the unreserved forest by the Government and the option so exercised shall be final and shall not be altered or rescinded after it has been exercised. Any Village Panchayat which omits or fails to exercise the option referred to in sub-section (4) within the time specified above shall be deemed to have opted for payment in securities and stock certificates referred to in clause (b) of sub-section (4). The amount of compensation payable in instalments shall be paid, and the securities and stock certificates referred to in clause (b) of sub-section (4) shall be issued, within sixty days from the date of receipt by the Government of the option referred to above or where no such option has been exercised from the date before which such option ought to have been exercised.
