It shall be lawful for the Superintendent to lease the said lands now included in the Crown Grants mentioned in the Schedule hereto to the persons, their executors, administrators or assigns respectively who at the time such reserves were made were the holders of the depasturing licences under the said Waste Lands Regulations upon the same terms and conditions as the same were held under the provisions of the said Waste Lands Regulations and also hereafter further to lease the same upon such terms as may by law be fixed as the terms upon which depasturing licences shall be held from the year 1880.