Where in respect of a tenancy of an agricultural holding—
the landlord or tenant of the holding may, if he has requested the other to enter into an agreement in writing embodying all the terms of the tenancy and containing provision for all of the said matters but no such agreement has been concluded, refer the terms of the tenancy to arbitration under this Act.
Where the landlord or tenant has the right under subsection (1) above to refer the terms of the tenancy to arbitration under this Act, the landlord and tenant may instead refer the terms of the tenancy for third party determination under this Act.
On any such reference the arbitrator in his award or (as the case may be) the third party in his determination—
Where it appears to the arbitrator or third party on a reference under this section that, by reason of any provision which he is required to include in his award or (as the case may be) his determination, it is equitable that the rent of the holding should be varied, he may vary the rent accordingly.
The award of an arbitrator or (as the case may be) the determination of a third party under this section shall have effect as if the terms and provisions specified and made in the award or determination were contained in an agreement in writing entered into by the landlord and the tenant and having effect (by way of variation of the agreement previously in force in respect of the tenancy) as from the making of the award or determination or, if the award or determination so provides, from such later date as may be specified in it.
Where in respect of a tenancy of an agricultural holding—
the tenant may not without the landlord's consent in writing assign, sub-let or part with possession of the holding or any part of it during the period while the determination of the terms of the tenancy is pending; and any transaction entered into in contravention of this subsection shall be void.
The period mentioned in subsection (5) above is the period beginning with the date of service of the landlord's request on the tenant and ending with the date on which an agreement is concluded in accordance with that request or (as the case may be) with the date on which the award of an arbitrator or the determination of a third party on a reference under this section relating to the tenancy takes effect.