44.Section 12 makes provision for the effect of first registration of a person as the proprietor of a leasehold estate. Subsections (2), (3), (4) and (5) prescribe the effect of registration of a lease with absolute title. In most respects, the registration of a leaseholder with absolute title has the same effect as registration of a freeholder with absolute title. The only difference is that where a leasehold estate is registered with absolute title, it is vested in the leaseholder subject to implied and express covenants, obligations and liabilities incident to the estate as provided by subsection (4). Thus the first registered proprietor of a lease will take subject to such proprietary interests as restrictive covenants relating to the premises leased.
45.Subsections (6) to (8) prescribe the effects of the registration of a lease with good leasehold title, qualified title and possessory title respectively.