(a) transfer a
lease accepted or acquired by the association under section 16, if such a
transfer is not prevented by the terms or conditions of the lease, or
(b)
grant by way of sublease, a lease of any or all of its estate or interest in
land the subject of a lease so accepted or acquired, if such a grant is not
prevented by the terms or conditions of the lease.
(2) An association may, by
unanimous resolution, accept a surrender of, or exercise a right of re-entry
under, a lease granted by it under this section.
(3) The Registrar-General
may refuse to register a lease, transfer of a lease or sublease under this
section unless--