As soon as the management or farm of any mahal or portion thereof has come to an end, the Deputy commissioner shall offer to the persons entitled under section forty-nine to an offer of assessment a new assessment of the land, on such conditions as the Chief Commissioner may direct, for the remainder of the term of the settlement of the mahel; and, if such offer is refused, may, with the previous sanction of the Chief Commissioner, let such mahal or portion in farm for the remainder of the term of settlement to some other person, or manage it himself or through an agent for such period.