(1) Where a reversion
expectant on a lease of land is surrendered or merged, the estate or interest
which as against the lessee for the time being confers the next vested right
to the land, shall be deemed the reversion for the purpose of preserving the
same incidents and obligations as would have affected the original reversion
had there been no surrender or merger thereof.
(2) This section shall
apply to surrenders or mergers effected after the coming into operation of
this Act.