Section 161

Any sublease, or agreement for a sublease, granted for a term not exceeding one year shall be valid without registration, and every registered dealing with the land shall be subject to the rights of a tenant in possession under a prior sublease or agreement for a sublease for a term not exceeding one year:

Provided that no right to purchase the land contained in any sublease, or agreement for a sublease, for a term not exceeding one year shall be valid against any subsequent transferee, sublessee or chargee, unless the memorandum of sublease or agreement be registered or unless a caveat giving notice of such right to purchase be registered.

Agreements implied in subleases