(1)Section six of the Settled Land Act, 1882, shall have effect as if the several terms of nine hundred and ninety-nine years, one hundred years, and fifty years were respectively substituted for the periods of ninety-nine years, sixty years, and twenty-one years therein mentioned.
(2)A tenant for life may lease the settled land, or any part thereof, or any easement, right, or privilege of any kind, over or in relation to the same, to the Forestry Commissioners for any term not exceeding nine hundred and ninety-nine years for any purpose for which the Forestry-Commissioners are authorised to acquire land by the [9 & 10 Geo. 5. c. 58.] Forestry Act, 1919.
(3)In the case of a lease under subsection (2) of this section—
(i)a peppercorn rent or a nominal or other rent less than the rent ultimately payable, may be made payable for the first ten years or any less part of the term ;
(ii)the rent may be made to be ascertainable by, or to vary according to the value of the timber on the land comprised in the lease, or the produce thereof, which shall during any year be cut, converted, carried away, or otherwise disposed of;
(iii)a fixed or minimum rent may be made payable, with or without power for the lessee, in case the rent according to value in any specified period does not produce an amount equal to the fixed or minimum rent, to make up the deficiency in any subsequent specified period, free of rent other than the fixed or minimum rent; and
(iv)any other provisions may be made for the sharing of the proceeds or profits of the user of the land between the reversioner and the Forestry Commissioners.
(4)In this section the expression " timber " includes all forest products.
(5)A new lease for a term of years absolute may be made to take effect in reversion after an existing lease having not more than seven years to run at the date of the new lease.
(6)This section applies to settlements coming into operation before as well as after the commencement of this Act, but only to leases executed after such commencement.