Creation of interests in land by parol

(1) All interests in land created by parol and not put in writing and signed by the person so creating it, or by their agents thereunto lawfully authorised in writing, shall have, notwithstanding any consideration having been given for it, the force and effect of interests at will only. (2) Nothing in this Part shall affect the creation by parol of, (a) leases taking effect in possession for a term not exceeding three years (whether or not the lessee is given power to extend the term) at the best rent which can be reasonably obtained without taking a fine; (b) a tenancy from year to year of any land or house; 33 (c) a weekly, monthly or quarterly tenancy of any land or house. and 44.