On the commencement of the seventh day of December, nineteen hundred and eight, the railway of the Company, together with all the land and other property described in the Schedule hereto, shall, without conveyance or other assurance, become absolutely vested in His Majesty the King, free (except so far as otherwise expressly provided in this Act) from any right, title, estate, or interest vested in any other person, and His Majesty shall thereupon be entitled to the possession of the said railway, land, and property.