(3)The annuity payable to an institution in respect of a holding shall be:-(a)Where such institution is the landowner, an amount equal to the rent to which it would be entitled if fair rent were determined in respect of the holding, after deducting 2 1/2 per cent thereof by way of collection charges:(b)Where such institution is the intermediary, an amount equal to the difference between the rent due to such institution from its tenant and the rent for which such institution is liable to its landlord if fair rent were determined in respect of the holding, after deducting 2 1/2 per cent of such difference by way of collection charges.Explanation I. - For the purpose of this Sub-section, "fair rent" means, the fair rent that would be determined under the provisions of this Act as amended by the Kerala Land Reforms (Amendment) Act, 1969.Explanation II. - Where the rent payable to a, institution is in kind, the annuity payable shall be commuted into money at the average of the prices of the commodity for six years immediately preceding the year in which the annuity is determined.]
