(1) A contract of tenancy subsisting at the time of the creation of a hypothec upon any small holdings holding shall bind the creditor and any person claiming through him or her irrespective of whether he or she had notice or not of the same.
(2) The owner of any land subject to a hypothec shall not enter into a contract of tenancy for a period exceeding 3 years in respect of such land or any part thereof without obtaining the consent in writing of the creditor.
However, a contract entered into bona fide, by the tenant with the landlord shall bind the creditor.
(3) Any owner of land contravening the provisions of subsection (2) is liable on summary conviction to a fine not exceeding $200.