79.—(1) Where, prior to the first registration of land, a term of years is vested, whether before or after the passing of this Act, in a trustee or other person for the purpose of raising money out of the land, such vesting shall, on the first registration of the land, operate as a trust for securing money on registered land or as a power to charge registered land, as the case may be, and may be registered as a burden on the land, and, where so registered, may be exercised or executed by the creation of a registered charge and not otherwise, and the person empowered in any such trust or power to charge the land with payment of any money shall have the same power to create a registered charge on the land for that money as if he were the registered owner of the land, and the charge shall be entered in its proper priority.

(2) Where, prior to first registration, land has become subject to any mortgage, mortgage by demise or sub-demise or term of years to secure money actually raised, such mortgage, mortgage by demise or sub-demise or term of years shall, on the first registration of the land (if registered with an absolute, qualified or good leasehold title) or (if registered with a possessory title) on the conversion of the title into an absolute or good leasehold title, operate as a charge on the land and shall be registered only as a charge thereon.