Section 55. Agreement for payment of betterment charges.

(1) Any person liable to pay betterment charges in respect of any land may at his option, instead of paying the same to the Authority, execute an agreement with the Authority to leave the payment outstanding as a charge on his interest in the land, subject to the payment in perpetuity of interest at such rate as may be prescribed. (2) Every payment due from any person in respect of betterment charges and every charge referred to in sub-section (1) shall, notwithstanding anything contained in any other enactment and notwithstanding the execution of any mortgage or charge, created either before or after the commencement of this Act, be the first charge upon the interest of such person in such land.