That the completion of the transaction will not cause an undue aggregation of farm land; and

In any case to which section 29a of this Act applies, that the transaction should be exempted from the provisions of subsection (1) of that section,—

The purchaser or lessee under any transaction is a trustee and any person beneficially entitled under the trust is under the age of seventeen years at the date of the transaction; or

The purchaser or lessee under any transaction is a company or a trustee for a company to be formed, and the members of the company or of the company to be formed are or will be fewer than ten in number and—

That the persons beneficially entitled to the land or shares under the trust (whether their interests are vested or contingent) are engaged in a farming occupation or are receiving a special education to fit them for such an occupation, and the trust instrument provides that the land or shares shall ultimately vest in those persons or in such of them as fulfil the conditions of the trust; or

That where—

the owner of the land is retaining or will have an interest in farm land (including an interest as a shareholder in a company formed or to be formed) sufficient for the support of the owner and his or her spouse and such of the children of the owner as are dependent on the owner in a reasonable manner and in a reasonable standard of comfort, or that neither the owner nor his or her spouse has any intention of acquiring any interest in other farm land; or

That the land is not suitable for the settlement or to facilitate the settlement of persons desirous of making a living from that land; or

That, having regard to the provisions of paragraphs (a), (b), and (c) of this subsection, to the terms of the trust, and to all the circumstances of the case, it is equitable that such an exemption should be granted.

The member of the company or intended member of the company to be formed is engaged in a farming occupation or is receiving a special education to fit him for such an occupation; or

That where the owner of the land is a parent or guardian of that member or intended member the owner of the land is retaining or will have an interest in farm land (including an interest as a shareholder in the company or in the company to be formed) sufficient for the support of the owner and his or her spouse and such of the children of the owner as are dependent on the owner in a reasonable standard of comfort, or that neither the owner nor his or her spouse has any intention of acquiring any interest in other farm land; or

That the land is not suitable for the settlement or to facilitate the settlement of persons desirous of making a living from that land; or

That, having regard to the provisions of paragraphs (a), (b), and (c) of this subsection, and to all the circumstances of the case, it is equitable that such an exemption should be granted.”