(1)Subject to subsection (2) below, where, under a lease entered into on or after 1st November 1948, land is let for use as agricultural land for a shorter period than from year to year, and the circumstances are such that if the lease were from year to year the land would be an agricultural holding, then, unless the letting was approved by the Secretary of State before the lease was entered into, the lease shall take effect, with the necessary modifications, as if it were a lease of the land from year to year.
(2)Subsection (1) above shall not apply to—
(a)a lease entered into (whether or not the lease expressly so provides) in contemplation of the use of the land only for grazing or mowing during some specified period of the year;
(b)a lease granted by a person whose interest in the land is that of a tenant under a lease for a shorter period than from year to year which has not by virtue of that subsection taken effect as a lease from year to year.
(3)Any question arising as to the operation of this section in relation to any lease shall be determined by arbitration.