74.—A person entitled to an interest in land the title to which interest originated under a lease for lives renewable forever which was created prior to the 1st day of August, 1849, and was not converted into a fee farm grant under the Renewable Leasehold Conversion Act, 1849, shall from the commencement of this Act hold the land for an estate in fee simple. The said estate shall be deemed to be a graft upon the previous interest and shall be subject to any rights or equities arising from its being such graft.