The Short Title of this Act is “The Public Bodies’ Powers Act 1887 Amendment Act, 1891.”

Section five of the said Act is hereby repealed, and in lieu thereof it is enacted:

A leasing authority may let any lands vested in it, or any part thereof, and which it is empowered to let on lease, for any term not exceeding twenty-one years, to take effect in possession or within six months from the making of the lease, without any fine, premium, or foregift; and may in such lease covenant to grant renewals from time to time, for a period not exceeding twenty-one years at any one time, but at a rent to be fixed by the leasing authority by a special resolution, or by valuation or by arbitration. Any such lease may provide for the payment of valuation by the incoming tenant for improvements made upon the land, whether by the lessee named in such lease, his executors, administrators, or assigns, or any former lessee or tenant of all or any part of the land included in such lease.

Any lease granted under the provisions of the said Act or this Act may provide that the incoming tenant of all or any part of the lands thereby demised shall not be allowed to enter into possession thereof, or of any part thereof, unless and until he shall have paid to or secured to the satisfaction of the lessee therein named, his executors, administrators, or assigns, the valuation (if any) to be paid pursuant to the terms of such lease to such lessee, his executors, administrators, or assigns, by such incoming tenant, in respect of improvements made upon such land.