(4)Within the said period of three months, or, with the permission of the Board, at any time before the Collector has taken possession of the land, under section 16 of the Land Acquisition Act, 1894, the person from whom the Board have arranged to accept the sum so fixed may, if the Board are satisfied that the security offered by him is sufficient, execute an agreement with the Board, either -(i)to pay the said sum three years after the date of the agreement, or(ii)to leave the said sum outstanding as a charge on his interest in the land, subject to the payment in perpetuity of interest [at such rate not exceeding [ten per cent, per annum] as the [State Government] may fix by notification,] and to make the first annual payment of such interest four years after the date of the agreement:Provided that the Board may, at any time before the Collector has taken possession of the land under section 16 of the Land Acquisition Act, 1894, accept immediate payment of the said sum instead of an agreement as aforesaid.
