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Compounded arrears of rents charged on holdings which are sub-let.
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43.—Where an additional annuity in repayment of compounded arrears of rent has been charged on a holding which is wholly or partially sub-let and the sub-tenants have been declared to be direct tenants of their respective portions of the holding, the following provisions shall have effect, that is to say:—
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(a) each such sub-tenant shall be entitled to credit for so much of the said compounded arrears of rent as is repayable by the portion of the said additional annuity charged on his separate holding as against the arrears of rent, if any, due and payable by him to his immediate landlord;
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(b) if there are no arrears of rent due by such sub-tenant or if the amount of the compounded arrears of rent so repayable as aforesaid exceeds the amount of the arrears of rent due by such sub-tenant, the portion of such additional annuity charged on his separate holding or so much of the said portion of the said additional annuity as represents the excess of the said compounded arrears of rent over the arrears of rent due by such sub-tenant (as the case may be) shall be redeemed out of the intervening interest of his immediate landlord so far as the redemption price of such intervening interest, after discharging claims in respect of unpaid instalments of payment in lieu of rent or annual sums or additional sums (if any), is sufficient and, to the extent that such intervening interest is not so sufficient, out of the sum added to the purchase money of the holding for compounded arrears of rent;
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(c) where any portion of the said additional annuity is redeemed out of the sum added to the purchase money of the holding for compounded arrears of rent, the person entitled to receive the said compounded arrears of rent shall be entitled to receive and recover from, the person by whom the said compounded arrears of rent would have been payable if they had not been added to the purchase money such sum as shall have been paid out of the said compounded arrears of rent in redemption in whole or in part of the said additional annuity.
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