(22)"kanam" means,-(a)the transfer for consideration, in money or in kind or in both, by a person of an interest in specific immovable property to another person, and described in the document evidencing the transaction as kanam or kanapattam the incidents of which transfer include-(i)a right in the transferee to hold the said property liable for the consideration paid by him or due to him;(ii)the liability of the transferor to pay to the transferee interest on such consideration unless otherwise agreed to by the parties; and(iii)payment of michavaram or customary dues, or renewal on the expiry of any specified period; or(b)the transfer for consideration in money or in kind or in both by a person of an interest in specific immovable property to another person for the latter's enjoyment, whether described in the document evidencing the transaction as otti, karipanayam, panayam, pattapanayam, nerpanayam or by any other name and which has the incidents specified in sub-clauses (a)(1) and (a)(ii) and also one or more of the following incidents:-(A)renewal on the expiry of any specified period;(B)payment of michavaram;(C)payment of customary dues;[***] [Omitted by Act No. 16 of 1976.]Explanation. - For the purposes of this clause, where there has been no stipulation in the document evidencing the transaction for renewal on the expiry of any specified period, but there has been a renewal or payment of renewal fees, it shall be deemed that there has been a provision for such renewal in the document;]
