(1) Where, under the
provisions of a lease, licence or other agreement which has not been
transferred to ANZ under this Act, Town & Country has rights in respect of
the occupation or use of land, those rights may, notwithstanding that there
has been no assignment, transfer, underletting or other disposition by Town
& Country, be exercised by ANZ.
(2) For the purposes
of a lease, licence or other agreement referred to in subsection (1), Town
& Country does not part with possession of land by permitting ANZ to
exercise rights under that subsection in respect of the land.