An agreement to which this section applies shall take effect, with the necessary modifications, as if it were an agreement for the letting of land for a tenancy from year to year unless the agreement was approved by the Minister before it was entered into.
Subject to subsection (3) below, this section applies to an agreement under which—
if the circumstances are such that if his interest were a tenancy from year to year he would in respect of that land be the tenant of an agricultural holding.
This section does not apply to an agreement for the letting of land, or the granting of a licence to occupy land—
Any dispute arising as to the operation of this section in relation to any agreement shall be determined by arbitration under this Act.
Notwithstanding subsection (4) above, the parties to the agreement may instead refer for third party determination under this Act the dispute that has arisen as to the operation of this section.