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In section eight of the Agricultural Holdings Act, 1948 (in this Act referred to as " the Act of 1948 ") and in section seven of the Agricultural Holdings (Scotland) Act, 1949 (in this Act referred to as " the Scottish Act of 1949 "), the following paragraph shall be inserted at the end of subsection (1) (which enables the landlord or tenant of an agricultural holding to demand a reference to arbitration of the question what rent should be payable in respect of the holding)—
“For the purposes of this subsection the rent properly payable in respect of a holding shall be the rent at which, having regard to the terms of the tenancy (other than those relating to rent), the holding might reasonably be expected to be let in the open market by a willing landlord to a willing tenant, there being disregarded (in addition to the matters referred to in the next following subsection) any effect on rent of the fact that the tenant who is a party to the arbitration is in occupation of the holding.”
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