1. (Govindan Nair, Mathew and Balakrishna Eradi, JJ. agreeing with him): Until the 20th of May 1967, S.27 of the Kerala Land Reforms Act for short the Act read thus:

"27. Fair rent. (1) The fair rent in respect of a holding shall be the rent payable by the cultivating

tenant to his landlord and it shall be the rent calculated at the rates specified in Schedule III applicable to the class of lands comprised in the holding or the contract rent, whichever is less.

Explanation. Where the fair rent in respect of a holding has been determined under any law in force immediately before the 21st January, 1961, the fair rent so determined shall be deemed to be the contract rent for the purposes of this sub-section.

(2) Notwithstanding anything contained in sub-section (i), the fair rent in respect of a holding, where the cultivating tenant or an intermediary is holding under a smallholder, shall, at the option of the small-holder, be

(a) the rent calculated at the rates specified in Schedule III applicable to the class of lands comprised in the holding; or

(b) Where the fair rent in respect of the holding has been determined under any law in force immediately before the 21st January, 1