80.—(1) Where a company registered under the Companies Act, 1963, is registered as owner of land registered under this Act or as owner of a registered charge, F104[the Authority] shall not be concerned with, and a person claiming under a registered disposition for valuable consideration shall not be affected by, any mortgage, charge, debenture, debenture stock, trust deed or other incumbrance created or issued by the company, unless such incumbrance is registered as a burden or protected by caution or inhibition under this Act.

(2) No compensation shall be payable under section 120 by reason of a purchaser’s acquiring any interest under a registered transfer from the company free from any such incumbrance not so registered or protected.