Under a land code, the interests in First Nation land lawfully held by third parties will continue in effect according to their terms and conditions. For example, a lease that expires in the year 2010 would continue in effect with the same rights and obligations as before. If the landlord in an existing lease made under the Indian Act were the federal government, the First Nation would assume the rights and obligations of the federal government under the lease, so that the tenant would pay the rent directly to the First Nation.
No new interests or licenses may be acquired or granted except in accordance with the Land Code.