Accept, on such terms as it thinks fit, a surrender of those leases; and

Without offering the same for public application and ballot or, as the case may be, for sale by public auction or public tender, grant to the former lessee a new lease of all the land comprised in the surrendered leases for the remainder of the term of the surrendered leases where they all have the same expiry date, or, where they do not all have the same expiry date, for a term expiring on a date fixed by the leasing authority, being not later than the latest expiry date under the surrendered leases, at a rent to be fixed by the leasing authority either before or after the surrender, and on any terms and conditions authorised by this Act.