LEASES ACT 1849 - SECT 2 Leases granted under intended exercise of powers, but invalid owing to deviation from the terms of the powers, to be in certain cases valid as contracts.

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LEASES ACT 1849 - SECT 2

Leases granted under intended exercise of powers, but invalid owing to deviation from the terms of the powers, to be in certain cases valid as contracts.

2. Where in the intended exercise of any power of leasing, whether derived
under an Act of Parliament or under any instrument lawfully creating such
power, a lease has been or shall hereafter be granted, which is, by reason of
the non-observance or omission of some condition or restriction, or by reason
of any other deviation from the terms of such power, invalid as against the
person entitled after the determination of the interest of the person granting
such lease to the reversion, or against other the person who, subject to any
lease lawfully granted under such power, would have been entitled to the
hereditaments comprised in such lease, such lease, in case the same have been
made bona8 fide, and the lessee named therein, his heirs, executors,
administrators, or assigns, (as the case may require,) have entered
thereunder, shall be considered in equity as a contract for a grant, at the
request of the lessee, his heirs, executors, administrators, or assigns, (as
the case may require,) of a valid lease under such power, to the like purport
and effect as such invalid lease as aforesaid, save so far as any variation
may be necessary in order to comply with the terms of such power; and all
persons who would have been bound by a lease lawfully granted under such power
shall be bound in equity by such contract: Provided always, that no lessee
under any such invalid lease as aforesaid, his heirs, executors,
administrators, or assigns, shall be entitled by virtue of any such equitable
contract as aforesaid to obtain any variation of such lease, where the persons
who would have been bound by such contract are willing to confirm such lease
without variation.

S.3 rep. by 1850 c.17 s.1

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Northern Irish Legislation

LEASES ACT 1849 - SECT 2