34.—(1) Where the terms of a reversionary lease are settled by the Court the subsequent provisions of this section shall have effect.

(2) The lease shall be for a term expiring ninety-nine years after the expiration of the lease to which it is reversionary.

(3) Subject to subsection (5), the rent reserved by the reversionary lease shall be not less than the rent reserved by the previous lease or than the rent reserved by any superior lease the lessor under which is required to join in the grant of the reversionary lease.

(4) Where the land to be comprised in a reversionary lease is part only of the land comprised in the previous lease or of the land comprised in any superior lease the lessor under which is required to join in the grant of the reversionary lease, such proportion of the rent reserved by any such lease as is fairly apportionable to the land to be comprised in the reversionary lease shall, for the purpose of subsection (3), be deemed to be the rent reserved by that lease in respect of the land to be comprised in the reversionary lease.

(5) If any new covenant restricting the lessee's rights is included in the reversionary lease, the Court may, if it so thinks proper, fix a lower rent.

(6) If the Court fixes the covenants of the lease, the lessee shall be made liable to pay all rates and taxes in respect of the land and to insure against fire and keep the premises in repair.