756. Exclusion of certain tenancies granted at a premium before 16 July 1980.

If the following conditions are satisfied in respect of a tenancy1, the provisions relating to the prohibition of premiums and similar transactions2 do not apply and are deemed never to have applied to it3. The conditions are that:

  1.  

    (1)     the tenancy was granted before 16 July 19804;

  2.  

    (2)     a premium5 was lawfully required and paid on the grant6 of the tenancy7;

  3.  

    (3)     the tenancy was, at the time when it was granted, a tenancy at a low rent8; and

  4.  

    (4)     the terms of the tenancy do not inhibit