68.—(1) Subject to the provisions of this Act, the registered owner of land shall alone be entitled to transfer or charge the land by registered disposition, and the registered owner of a charge shall alone be entitled to transfer the charge by registered disposition.

(2) Nothing in this Act shall prevent a person from creating any right in or over any registered land or registered charge, but all such rights shall be subject to the provisions of this Act with respect to registered transfers of land or charges for valuable consideration.

(3) An unregistered right in or over registered land (not being a burden to which the land is subject by virtue of section 72) shall not affect the registered owner of a charge created on the land for valuable consideration.