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(1)Compensation under this Act shall not be payable for .a new improvement specified in Part II of the First Schedule to this Act unless the tenant has, not less than three months before he began to carry out the improvement, given to the landlord notice in writing of his intention to carry out the improvement and of the manner in which he proposes to carry it out.
(2)On such notice being given, the landlord and the tenant may enter into an agreement in writing with respect to the terms as Jo compensation or otherwise on which the improvement is to be carried out, and if any such agreement is entered into, the compensation payable under the agreement shall be substituted for compensation under this Act
(3)The landlord and the tenant may, by the lease or otherwise, enter into an agreement in writing to dispense with any notice under subsection (1) of this section ; and an agreement so entered into may provide for anything for which an agreement entered into under the last foregoing subsection may provide, and in such case shall be of the like validity and effect as such last-mentioned agreement.
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