35.—(1) Subject to section 34 (3) and this section, the rent to be reserved by a reversionary lease the terms of which are settled by the Court shall be one-eighth of the gross rent. For this purpose the gross rent shall be reduced, where appropriate, by the special allowance provided for by subsection (2).

(2) The special allowance for the purpose of subsection (1) shall be such proportion of the gross rent as, in the opinion of the Court, is attributable to works of construction, reconstruction or alteration carried out by the lessee or any of his predecessors in title which add to the letting value of the land, other than works carried out wholly or partly in consideration of the grant of a lease or repairs and maintenance during the currency of the lease.

(3) (a) The Minister may by order amend subsection (1) by substituting for the fraction standing specified for the time being therein another fraction.

(b) An order under this subsection shall not come into force unless approved by resolution of each House of the Oireachtas but, upon being so approved, shall come into force forthwith.