When the Chief Commissioner sanctions the annulment of the settlement of any mahal, the Deputy Commissioner shall proclaim such annulment, and may then exclude the defaulters from the possession of the mahal, and either manage the mahal or any portion thereof himself or through an agent, or let the mahal or any portion thereof in farm for such term and on such conditions as the Chief Commissioner directs:
     Provided that no management or farm under this section shall continue for a longer period than fifteen years from the first day of the agricultural year next after the proclamation of annulment of settlement.
After the date of such proclamation no liabilities shall accrue under the settlement so annulled; but such annulment shall not affect anything done or any liability incurred under the settlement before such date.