Section 36

Subject to this Act, upon the appointed day all pre-existing interests in all lands in the State shall be extinguished and there shall be vested in all persons in whom were vested such corresponding interests in the holdings created in relation to such lands under this

Act, and the right to such replacement titles to such holdings, as are provided by this Chapter; and unless otherwise provided by this Act, every pre-existing deed relating to a holding shall, on and after the appointed day, have effect only as evidence of the nature and extent of any pre-existing interest in such holding:

Provided that except in so far as any other provision is made by this

Act nothing in this section shall be construed as preventing any such deed from operating as a contract, or as affecting the rights or liabilities of any person thereunder, either at law or in equity.