(1)Where any land held by a smallholdings authority for the purposes of smallholdings is not for the time being required for use for those purposes, the authority may let it for such period and for such purpose as they think fit, at the best rent which appears to them to be obtainable for it for that purpose and on such other terms as they may determine.
(2)In subsection (1) of this section the reference to letting land shall be construed as including references—
(a)to the grant, with the approval of the Minister, of a licence to a person to occupy the land for use as agricultural land, and
(b)to the grant of a licence to a person to occupy the land, where the land is to be used only for grazing or mowing during a specified period of the year.
(3)Section 164 of the [1933 c. 51.] Local Government Act 1933 (power to let land) shall not have effect so as to enable a smallholdings authority by virtue of that section to let, otherwise than in accordance with section 44 of this Act or subsection (1) of this section, any land which is for the time being held by the authority for the purposes of smallholdings.
(4)The preceding provisions of this section shall have effect without prejudice to any power exercisable by a smallholdings authority under section 163 (power to appropriate land) or section 165 (power to sell or exchange land) of the Local Government Act 1933.