138. Statutory validation of defective exercise of power.

Where, in the intended exercise of any power of leasing, whether conferred by an Act of Parliament or any other instrument, a lease1 (an 'invalid lease') is granted, which by reason of any failure to comply with the terms of the power is invalid, then:

  1.  

    (1)     as against the person entitled after the determination of the interest of the grantor to the reversion2; or

  2.  

    (2)     as against any other person who, subject to any lease properly granted under the power, would have been entitled to the land comprised in the lease,

the lease, if it was made in good faith