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 F5... F5determined 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.

On a reference under this section the arbitrator F2or third party shall determine what rent should be properly payable in respect of the holding at the F1next termination date following the date of the F7...F7notice 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.

References in this section (and in Schedule 2 to this Act) F11...F3, with respect to the rent of any holding, to the next termination date following the date of F12... F12a notice under subsection (1) are references to the next day following the date of F13... F13the notice on which the tenancy of the holding could have been determined by notice to quit given at the date of F14... F14the notice under subsection (1).

Schedule 2 to this Act shall have effect for supplementing this section.