(1)Where in the opinion of the railway undertaking any property let to it under section 69, or re-let to it under subsection (2), is no longer required in connection with the provision of railway services, the railway undertaking may, notwithstanding any term or condition contained in the letting agreement, terminate the letting of that property.
(2)Where the railway undertaking at any time before the termination of the letting of any property to it under section 69 or this subsection notifies the Holding Company in writing that the property will, on the termination of the letting, continue to be required in connection with the provision of railway services, the Holding Company shall, subject to subsection (3), re-let that property to the railway undertaking at such rent and on such terms and conditions as may be agreed or, in default of agreement, as may be determined by the Minister or, if he so directs, by the Lands Tribunal.
(3)Subsection (2) shall not apply where, at or before the termination of a letting of property to the railway undertaking, the Holding Company—
(a)provides or undertakes to provide adequate alternative accommodation; or
(b)pays or undertakes to pay such compensation to the railway undertaking as may be agreed or, in default of agreement, as may be determined by the Lands Tribunal.