Sublease

(1) Subject to any provision in his lease affecting his right to do so, the proprietor of a registered lease may, by a sublease in the prescribed form, sublease for any period which is less than the remainder of the period of his lease. 46 (2) Except as otherwise expressly provided in this Act, the provisions of this Act affecting leases, lessors and lessees shall apply to subleases, sub lessors and sub lessees, with such adaptations as are necessary for such application. (3) If a lease is terminated by operation of law or under any law relating to bankruptcy or liquidation proceedings, such termination shall terminate the sublease. (4) In addition to the agreements specified by this Act to be implied in leases, there shall be implied in every sublease under this Act an agreement by the sub lessor that he will, during the continuance of the sublease, pay the rent reserved by the lease under which the sub lessor holds, and observe and perform the agreements and conditions thereof. (5) Where a sub lessee has paid to the sub lessor’s lessor the rent or any part of the rent payable by the sub lessor under the lease under which the sub lessor holds, the sub lessee shall be entitled to set off any sum so paid against the rent payable by him to the sub lessor in respect of the sublease.