Section 5

The court or a judge, if it is considered proper and consistent with due regard for the interests of all parties entitled under the settlement, may from time to time authorise leases for such time as the court or judge considers expedient, not exceeding 99 years for building or repairing leases, or for leases for other purposes in cases where the court or judge considers that a lease for 21 years is not sufficient, or 21 years for other leases, of the whole or any part of any settled estates, or of any rights or privileges over or affecting any settled estates, for any purpose whatsoever, whether involving waste or not; and may authorise the acceptance of surrenders of any such leases, either for the purpose of obtaining a renewal of the same or otherwise.

On every such lease there shall be reserved the best rent, or reservation in the nature of rent, either uniform or not, that can be reasonably obtained without taking any fine or other benefit in the nature of a fine.

A peppercorn rent or any smaller rent than the rent to be ultimately made payable may, if the court or a judge thinks fit so to direct, be made payable during any part of the term of the lease.

Every such lease shall be by deed, and the lessee shall execute a counterpart thereof.

Every such lease shall contain such covenants, conditions and stipulations, as the court or a judge considers expedient, with reference to the special circumstances of the lease.

The power hereby given to authorise leases shall extend to authorise preliminary contracts to grant any such leases, and any of the terms of those contracts may be varied in the leases.