55.—(1) On the registration of a transferee of a leasehold interest as full owner with an absolute title, the instrument of transfer shall operate as a conveyance by deed within the meaning of the Conveyancing Acts, and there shall vest in the registered transferee the leasehold interest so transferred, together with all implied or express rights, privileges and appurtenances attached to it, 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 interest transferred,

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

(2) Where, however, the transfer is made without valuable consideration, it shall, so far as concerns the transferee and persons claiming under him otherwise than for valuable consideration, be subject to all unregistered rights subject to which the transferor held the interest transferred.

(3) F72[…]