“(1) Upon the expiration, termination, cancellation, or discharge as to the whole or any part of the land affected of a supply contract, a discharge in the prescribed form, executed by the parties to the contract, may be registered with the appropriate District Land Registrar, who shall enter an appropriate memorial upon the register against the title to the land or, if the contract constitutes a folium of the register, against the contract as so constituted.
“(2) Subject to subsection (3) of this section, in the absence of a discharge in the prescribed form, the District Land Registrar, on application to him or her by the owner or occupier of the land affected or by any party to the execution of the supply contract, may, on being satisfied by such evidence as he or she considers adequate that the supply contract is no longer of any force or effect against the whole or any part of the land affected, cancel the registration of the supply contract as to the whole or part of the land, as the case may be.
“(3) The District Land Registrar shall not cancel the registration of a supply contract under subsection (2) of this section unless the District Land Registrar has given to every other party to the contract not less than 21 days notice in writing of the making of the application, and either—
“(b) If any person to whom any such notice is given gives notice to the District Land Registrar within that period of the making of an application to the High Court for an order prohibiting the District Land Registrar from cancelling the registration of the supply contract, the application is withdrawn or dismissed by the Court.
“(4) Any person to whom a notice is given by the District Land Registrar under subsection (3) of this section may, within the period specified in that subsection, apply to the High Court for an order prohibiting the District Land Registrar from cancelling the registration of the supply contract and must, within that period, give notice to the District Land Registrar of the making of the application.
“(5) On the hearing of an application under subsection (4) of this section, the High Court may—
“(6) Where the registration of a supply contract is cancelled as to the whole or part of the land affected, the supply contract shall have no effect in respect of the whole or part of the land burdened, as the case may be.
“(7) A supply contract registered pursuant to section 68A of this Act, while in force, shall continue to apply to any substituted or renewed estate or interest in the land.”