Subject to the provisions of Schedule 2 to this Act, the landlord or tenant of an agricultural holding may by notice in writing served on the other demand that the rent to be payable in respect of the holding as from the next termination date shall be ... determined in accordance with this section.
The landlord and tenant may instead refer for third party determination under this Act the question of how much rent is to be payable in respect of the holding as from the next termination date.
Where a notice under subsection (1) is served, the question of how much rent is to be payable in respect of the holding as from the next termination date—
On a reference under this section the arbitrator or third party shall determine what rent should be properly payable in respect of the holding at the next termination date following the date of the ... notice under subsection (1) and accordingly shall, with effect from that next termination date, increase or reduce the rent previously payable or direct that it shall continue unchanged.
A ... notice under subsection (1) shall cease to be effective for the purposes of this section on the next termination date following the date of ... the notice unless before the said termination date—
References in this section (and in Schedule 2 to this Act) ..., with respect to the rent of any holding, to the next termination date following the date of ... a notice under subsection (1) are references to the next day following the date of ... the notice on which the tenancy of the holding could have been determined by notice to quit given at the date of ... the notice under subsection (1).
Schedule 2 to this Act shall have effect for supplementing this section.