The leases authorised by the statutory power1 are agricultural2 or occupation3 leases for any term not exceeding 50 years, and building leases4 for any term not exceeding 999 years5. In the case of a mortgage6 of leasehold land7, a lease granted under the statutory power must reserve a reversion of not less than one day8. Every such lease must be made to take effect in possession not later than 12 months after its date9. It must not be of the mortgaged property and other property at a single rent
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