—(1) Every lessee or grantee of land comprised in any State lease or grant shall, within one month from the date of obtaining any subdivision permission from the competent authority to subdivide such land, inform the Collector in writing of the subdivision permission together with a copy of the approved plan showing the subdivision and particulars of the persons entitled as beneficial owners to the parts of the subdivided land.
(2) The Collector shall determine the rent payable in respect of each subdivision.
(3) The minimum rent in respect of any subdivision shall be $1 and any fraction of 50 cents shall count as 50 cents.
(4) When a determination has been made by the Collector under subsection (2), he shall cause a notice of apportionment of the rent to be served upon the lessee or grantee and upon the persons entitled as beneficial owners to the parts of the subdivided land.
(5) Any person who fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500.