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):
(i) Subject to subsections (1A) to (1D), paragraph (iii) of the definition of 'qualifying lessor' shall apply to an individual who purchased farm land pursuant to a contrac
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