And it shall and may be lawful to and for the lord or lords, lady or ladies of any manor, with the consent of three-fourths of the persons having right of common upon the wastes and commons within his, her or their manor, at a meeting to be held after fourteen days notice, such notice to be given in manner herein-before directed by the lord or lords, lady or ladies of the manor, or their agent respectively, at any time or times to demise or lease for any term or number of years not exceeding four years any part of such wastes and commons, not exceeding a twelfth part thereof, for the best and most improved yearly rent that can by publick auction be got for the same; and the clear net rents reserved to the lord or lords, lady or ladies, his, her or their heirs, executors, administrators or assigns, by any lease or leases to be granted as aforesaid, shall be by him, her or them, and the major part of his, her or their tenants, applied in the draining, fencing or otherwise improving of the residue of such wastes and commons.