406. Farm business tenancies generally contracted-out.

The provisions of the Agricultural Tenancies Act 1995 governing rent reviews under farm business tenancies1 do not apply to a tenancy2 which is created by an instrument which:

  1.  

    (1)     expressly states that the rent is not to be reviewed during the tenancy3; or

  2.  

    (2)     provides that the rent is to be varied, at a specified time or times during the tenancy, either by or to a specified amount or in accordance with a specified formula which does not preclude a reduction and which does not require or permit the exercise by any person of any judgment or discretion in

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