Leases for lives, etc.N.I.
37.—(1) This Article applies to a lease at a rent or in consideration of a fine—
(a)for a life or lives; or
(b)for a life or lives with a concurrent term of any period; or
(c)for a life or lives with a reversionary term of any period; or
(d)for a term of any period determinable with a life or lives or on the marriage of a specified person (including the lessee) or on the happening of any other event.
(2) On and after the appointed day, a lease to which this Article applies is incapable of being created at law or in equity.
(3) Any agreement made on or after the appointed day to grant a lease to which this Article applies is void; any instrument made on or after that day which purports to be such a lease is void; and any agreement to assign, or any purported assignment, of such a lease made on or after that day has effect as an agreement to assign, or an assignment, of the lease into which the lease which is the subject of the agreement or purported assignment was converted by paragraph (4) and Schedule 3.
(4) Where immediately before the appointed day any lease to which this Article applies, or any agreement to grant such a lease, was subsisting and would have continued to subsist apart from the provisions of this Article and Schedule 3, the lease or agreement has effect on and after that day in accordance with the provisions of Schedule 3, and the other provisions of that Schedule have effect.