31.—(1) A person who is entitled to a reversionary lease may apply to his immediate lessor to obtain from that lessor a reversionary lease of the land held by him—

(a) not earlier than fifteen years before the expiration of his existing lease, and

(b) not later than the expiration of the lease or the expiration of three months from the service on him by his immediate lessor or any superior lessor of notice of the expiration of the lease, whichever is the later.

(2) The notice shall be valid only if served not earlier than three months before the expiration of the lease.

(3) Where an application is made for a reversionary lease before the expiration of the lease under which the applicant holds, the lease if granted shall commence on the expiration of the previous lease or on such other date as may be agreed upon between the parties.

(4) In any other case, the reversionary lease shall commence on such date as may be agreed upon between the parties or, in default of agreement, on the date of the application for the lease.