On the registration of
a taking order in relation to land —
(a) the
order has effect according to its terms; and
(b) if
the order provides that the land is taken — every registered and
unregistered interest in the land not preserved under section 178(2)(a) is
extinguished, and each person who formerly held such an interest has that
holding converted into a claim for compensation under Part 10; and
(c) if
the order does not provide that the land is taken —
(i)
each interest declared by the order to be taken is
extinguished and each person who formerly held such an interest has that
holding converted into a claim for compensation under Part 10; and
(ii)
every unregistered interest in the land inconsistent with
the effect and purpose of the taking order is also extinguished to the extent
of the inconsistency, and each person who formerly held such an interest has
that part of the holding which was extinguished converted into a claim for
compensation under Part 10.