(1)If the Government and any person be jointly interested in any forest or waste-land, or in the whole or any part of the produce thereof, the[State Government] [Substituted by A.O.1950, for "Provincial Government".] may either(a)undertake the management of such forest, waste-land or produce, accounting to such person for his interest in the same; or(b)issue such regulations for the management of the forest, waste-land or produce by the person so jointly interested as it deems necessary for the management thereof and the interests of all parties therein.
