Where the lessee transfers, subleases, or otherwise disposes of his interest to any person (not being a serviceman or a discharged serviceman who has been granted a loan by the Rehabilitation Board to facilitate his settlement on the land), the rental value and yearly rent as provided in the lease shall cease and determine on the date of the registration of the transfer, sublease, or other instrument of disposition, and a new rental value and yearly rent based on the current value of the land as at the commencement of the lease shall be determined by the Board, and shall take effect accordingly:

Where the lessee has entered into an agreement to transfer, sublease, or otherwise dispose of his interest to any person (not being such a serviceman or discharged serviceman) at a future date, the rental value and yearly rent as provided in the lease shall cease and determine on the date when that person enters into possession of the land pursuant to the agreement, and a new rental value and yearly rent based upon the current value of the land as at the commencement of the lease shall be determined by the Board, and shall take effect accordingly:”.