(3) The person who is registered as the owner shall hold his legal estate or equitable interest and rights subject to—
- (a) any covenants, exceptions, reservations, stipulations, provisos or declarations contained in the Government lease or the agreement for a Government lease of the land;
- (b) any registered matter affecting the land; and
- (c) any overriding interest affecting the land.
(4) Nothing in this section shall relieve the owner of registered land from a duty to which he is subject as trustee.
26. Effect of registration of long term lease
(1) Subject to subsections (2) and (3) and sections 27 and 82, immediately upon registration of a person as the lessee of a registered long term lease, there shall vest in the person, free from all other interests and claims—
- (a) the interest in the lease; and
- (b) all rights attaching to the land which may be exercised by virtue of that interest.
(2) The person who is registered as the lessee shall hold his interest and rights subject to—
- (a) any covenants, exceptions, reservations, stipulations, provisos or declarations contained in the Government lease of the land or the long term lease;
- (b) any registered matter affecting the land; and
- (c) any overriding interest affecting the land.
(3) Nothing in this section shall relieve the lessee of a registered long term lease from a duty to which he is subject as trustee.
27. Voluntary transfer
(1) Subject to subsection (2), the provisions of this Ordinance shall operate in relation to the owner of registered land or a registered charge, or the lessee of a registered long term lease, who has acquired the land, charge or lease by transfer without valuable consideration as if the transfer had been for valuable consideration.
(2) The owner of registered land or a registered charge, or the lessee of a registered long term lease, referred to in subsection (1) shall hold the land, charge or lease subject to—
- (a) the provisions of the Bankruptcy Ordinance (Cap. 6);
- (b) Part V of the Companies Ordinance (Cap. 32);
- (c) section 33(9) of the Buildings Ordinance (Cap. 123); and
