Section 664 of the Principal Act is amended -

(a) in subsection (1) -

(i) in paragraph (a), by -

(I) the insertion of the following definitions:

"'own', in relation to farm land, includes holding a leasehold interest in farm land;

'relevant lease' means a lease of farm land which is for a definite term of 50 years or more;",

and

(II) in the definition of "qualifying lessor" -

(A) in paragraph (ii), the substitution of "arm's length, and" for "arm's length;", and

(B) the insertion of the following paragraph after paragraph (ii):

"(iii) subject to paragraph (aa), has owned the farm land referred to in that paragraph for a continuous period of not less than 7 years beginning on the date of the contract to purchase the farm land concerned.",

and

(ii) by the insertion of the following paragraph after paragraph (a):

"(aa)