(1) Every tenant to whom ownership of any land has been transferred under section 127 shall be liable to pay to the Government in respect of that land compensation as determined under section 128.
     (2) The compensation shall be payable in cash, in lump sum or in such number of annual instalments not exceeding twenty as may be prescribed. Interest at the rate of 2½ per cent. annum shall be payable on the compensation or such portion thereof as remains unpaid.
     (3) The compensation payable under this section shall be a charge on the land.
     (4) The compensation or any instalment thereof shall be recoverable in the same manner as an arrear of land revenue.