44.—(1) On registration of a person as full owner of a leasehold interest with an absolute title, the leasehold interest, together with all implied or express rights, privileges and appurtenances attached to it, shall vest in the person so registered.

(2) F55[…]

(3) F56[…] the interest of the registered owner shall be subject to—

(a) the burdens, if any, registered as affecting the interest,

(b) the burdens to which, though not registered, the interest is subject by virtue of section 72, and

(c) all implied and express covenants, obligations and liabilities incident to the registered interest,

but shall be free from all other rights, including rights of the State.

(4) If the registered owner holds the interest as trustee, nothing in this section shall affect his duties or liabilities as such trustee.