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(1)Notwithstanding section 5 of the M1Crown Lands Act 1702, the Chancellor and Council of the Duchy of Lancaster may, subject to subsection (2) below, lease land forming part of the possessions of the Duchy on such terms as they think fit.
(2)No lease shall be granted by the Chancellor and Council of the Duchy of Lancaster unless they are satisfied—
(a)that the consideration for the grant of the lease is in all the circumstances the best consideration in money or money’s worth which can reasonably be obtained; or
(b)that the lease is for public or charitable purposes.
(3)The power conferred by subsection (1) above shall be exercisable by deed under the Seal of the Duchy of Lancaster in the name of Her Majesty, Her heirs and successors.
(4)The enactments mentioned in the Schedule to this Act (which confer limited leasing powers on the Chancellor and Council of the Duchy of Lancaster) are hereby repealed to the extent specified in the third column of the Schedule.
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