(1)The person liable to pay a betterment tax may, it has option, instead of making either a lump-sump payment or payment by installment where allowed by the Board, execute an agreement with the Board or any other authority specially authorised by the State Government in this behalf, to leave the said liability outstanding as a charge on has interest in the land subject to the payment in perpetuity of interest at the rate of 6% per annum.
