(1) Subject to the provisions of this Act, a raiyat may lease out his land to another person on such rent not exceeding the maximum rent referred to in section 111 as may be agreed upon between him and such person.
     (2) Every lease of land made after the commencement of this Act shall be for a period of five years and at the end of the said period, and thereafter at the end of every such period of five years, the tenancy shall, subject to the provisions of sub-section (3), be deemed to be renewed for a further period of five years on the same terms and conditions except to the extent that a modification thereof consistent with this Act is agreed to by both parties.
     (3) In respect of any lease made after the commencement of this Act, a raiyat who is a member of the Armed Forces of the Union, on his discharge from service or posting to the reserve, may by giving the under-raiyat three months' notice in writing before the expiry of any year, and any other raiyat may by giving the under-raiyat one year's notice in writing before the expiry of any term of five years, terminate the tenancy if the raiyat requires the land bona fide for personal cultivation by him.