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74Execution of documents containing reservations.N.I.

(1)In any document executed on or after the commencement of this Act and relating exclusively to registered land, a reservation of an estate shall operate at law without—

(a)any execution of the document by the grantee of the estate out of which the reservation is made; or

(b)any regrant by such grantee of the estate so reserved;

so as to create the estate so reserved and so as to vest the same in possession in the person (whether or not he is the grantor) for whom the benefit of the reservation is made.

(2)For the purposes of subsection (1), a conveyance of an estate expressed to be made subject to another estate, not in existence immediately before the date of the conveyance, shall operate as a reservation, unless a contrary intention appears.