(3)The [Collector] [Substituted for the words 'Revenue Officer' by the Madras Estates Land (Amendment) Act, 1934 (Madras Act VIII of 1934).] may in any case under this section propose to the parties such rent or rate of rent as he considers fair and equitable; and the rent so proposed, if accepted orally or in writing by the parties, may be recorded as the fair and equitable rent and shall be deemed to have been duly settled under this Act.
