Voluntary transfer

Every proprietor who has acquired land, a lease or a charge by transfer without valuable consideration shall hold it subject to any unregistered rights or interests subject to which the transferor held it and subject also to the provisions of any law relating to bankruptcy and to the winding-up provisions of the Companies Act, but except as aforesaid such transfer when registered shall in all respects have the same effect as a transfer for valuable consideration. CAP. 250.