(1)When it appears to the Collector that any alluvial land, which vests under any law for the time being in force in the State Government, may with due regard to the interests of the public revenue be disposed of, he shall, subject to the rules made by the State Government in this behalf, offer the same to the occupant (if any) of the bank or shore on which such alluvial land has formed. The price of the land so offered shall not exceed three times the annual assessment thereof.(2)If the occupant does not accept the offer, the Collector may dispose of the land without any restriction as to price.Explanation. - For the purpose of this Section, notwithstanding anything contained in clause (24) of Section 2, if the bank or shore has been mortgaged with possession, the mortgagor shall be deemed to be the occupant thereof.
