(3)[ The State Government or an officer authorised for this purpose under this Act may approve an acquisition or purchase done or proposed to be done, in excess of the limits specified in sub-section (2), if such acquisition or purchase is in favour of a registered firm, company, partnership firm, limited liability partnership firm, trust, society or any educational or a charitable institution; and if it is of opinion that the acquisition or purchase would be in public interest and likely to generate economic activities (other than agricultural) and provide employment. In such case, the provisions of the Uttar Pradesh Imposition of Ceiling on Land Holding Act, 1960 shall not apply to such acquisition:Provided that where the land has been acquired or purchased by a registered firm, company, partnership firm, limited liability partnership firm, trust, society or any educational or a charitable institution, without obtaining prior approval under this subsection the State Government or an officer authorised for this purpose under this Act, may give its approval for regularising such acquisition or purchase afterwards on payment of an amount as fine, which shall be five per cent of the cost of the land in excess of the limit prescribed under sub-section (2), calculated as per the circle rate prevailing at the time of making the application.
