(1)On first registration of a person as full or limited owner of a freehold estate with a good fee farm grant title, the person so registered shall, subject to the estates mentioned in subsection (2), have the same estate as if he had been registered as full or, as the case may be, limited owner of that estate with an absolute title.
(2)The first registration of a person as full or limited owner of a freehold estate with a good fee farm grant title shall not prejudice or affect any estate arising by virtue of any grant superior to the fee farm grant under which he holds the land.