Where the Tribunal give a direction such as is mentioned in subsection (1) of section 45 above, the provisions of this section shall apply unless excluded by subsection (6) of that section.
In the following provisions of this section—
"the landlord" means the landlord of the holding;
"the prescribed period" means the period between the giving of the direction and—
whichever last occurs;
"the relevant time" has the meaning given by subsection (1) or (as the case may require) subsection (2) of section 46 above;
"the tenant" means the person or persons entitled to a tenancy or joint tenancy of the holding by virtue of the direction;
and references to the holding shall be read in accordance with section 46(3) above.
Where the provisions of this section apply—
Those questions (referred to in the following provisions of this section as "question (a)" and "question (b)" respectively) are—
Where question (a) is referred to arbitration or third party determination under subsection (3) above (with or without question (b)), the arbitrator or (as the case may be) the third party —
and shall accordingly, with effect from the relevant time, vary those terms in accordance with his determination or direct that they are to remain unchanged.
Where question (a) but not question (b) is referred to arbitration or third party determination under subsection (3) above and it appears to the arbitrator or (as the case may be) the third party that by reason of any provision included in his award or determination under subsection (5) above (not being a provision of a kind mentioned in paragraph (b) of that subsection) it is equitable that the rent of the holding should be varied, he may vary the rent accordingly with effect from the relevant time.
Where question (b) is referred to arbitration or third party determination under subsection (3) above (with or without question (a)), the arbitrator or (as the case may be) the third party shall determine what rent should be or should have been properly payable in respect of the holding at the relevant time and accordingly shall, with effect from that time, increase or reduce the rent which would otherwise be or have been payable or direct that it shall remain unchanged.
The compensation referred to in subsection (5)(b) above is—
For the purposes of this section the rent properly payable in respect of the holding shall be the rent at which the holding might reasonably be expected to be let by a prudent and willing landlord to a prudent and willing tenant, taking into account all relevant factors, including (in every case) the terms of the tenancy or prospective tenancy (including those relating to rent) and any such other matters as are specifically mentioned in sub-paragraph (1) of paragraph 1 of Schedule 2 to this Act (read with sub-paragraphs (2) and (3) of that paragraph).
On any reference under subsection (3) above the arbitrator may include in his award or (as the case may be) the third party may include in his determination such further provisions, if any, relating to the tenancy which the tenant is entitled to or has obtained by virtue of the direction as may be agreed between the landlord and the tenant.
If the award of an arbitrator or (as the case may be) the determination of a third party under this section is made before the relevant time, section 47(1) above shall have effect subject to, and in accordance with, the award or determination.
If the award of an arbitrator or (as the case may be) the determination of a third party under this section is made after the relevant time, it shall have effect as if the terms of the award or determination were contained in an agreement in writing entered into by the landlord and the tenant and having effect as from the relevant time.