1189. Certain housing association and other leases.

A lease1 granted by a housing association2 and which complies with the specified conditions3 is excluded from the operation of the statutory provisions relating to the right to enfranchisement and extension4, whether or not the interest of the landlord5 still belongs to such an association6.

The conditions so specified are that the lease:

  1.  

    (1)     was granted for a term of 99 years or more and is not, and cannot become, terminable except in pursuance of a provision for re-entry or forfeiture;

  2.  

    (2)     was granted at a premium, calculated by reference to the value of the house7 or the cost of