In the Landholders' Acts the word " holding " shall, in addition to the holdings mentioned in section two of the Act of 1911, include as from the date hereinafter mentioned every holding which at the commencement of this Act is held by a statutory small tenant and the word " landholder " shall be construed accordingly :

Provided that this section shall not apply in the case of any statutory small tenancy unless, not later than one month prior to the expiry of the period of tenancy current at the commencement of this Act or of any subsequent period of tenancy, the tenant serves on the landlord of the holding written notice that he desires that this section shall apply, and the date hereinbefore referred to shall be the expiry of the period of tenancy current when such notice was served:

Provided further that, if within one month after the service on a landlord of such a notice as aforesaid the landlord lodges with the Land Court an undertaking in writing that the tenant shall have the same rights to compensation for permanent improvements as if he were a landholder, the Land Court shall, after intimation to the tenant, direct such undertaking to be recorded in the Landholders Holdings Book, and the undertaking shall be recorded accordingly, and thereupon the tenant shall be deemed as regards the rights aforesaid but in no other respect to be a landholder.