Leasehold Estates, namely, Lands demised for Terms of Years of which Fifty Years are still to come and unexpired, or demised for Lives or for Years determinable with Lives, and in which Two Lives at least are still subsisting, may be registered with an indefeasible Title in a similar Manner and subject to the same or similar Directions and Rules of Proceeding as are herein contained with respect to Freehold Lands: Such Application may be made by Persons having such Estates and Interests in the Leasehold Estates as are similar or correspondent to the Estates and Interests of the Persons entitled to apply for the Registry of Freehold Land: No indefeasible Title shall, in the Case of a Leasehold, extend to the Title of the Lessor or Grantor of the same: Such further Directions shall be observed with regard to Leasehold Estates as shall be given from Time to Time by General Orders.