(1)With effect from the date of vesting all such mines comprised in the estate or tenure as were in operation at the commencement of this Act and were being worked directly by the [intermediary] [Substituted by Act 20 of 1954.] shall, notwithstanding anything contained in this Act, be deemed to have been leased by the State Government to the [intermediary and he] [Substituted by Act 20 of 1954.] shall be entitled to retain possession of those mines as a lessee thereof.(2)The terms and conditions of the said lease by the State Government shall be such as may be agreed upon between the State Government and the [intermediary] [Substituted by Act 20 of 1954.] or in [the absence] [Substituted by Act 20 of 1954.] of agreement as may be settled by a Mines Tribunal appointed under Section 12:Provided that all such terms and conditions shall be in accordance with the provisions of any Central Act for the time being in force regulating the grant of new mining leases.
