Whenever in any Crown grant there has been or hereafter may be reserved rights at any time to take part of the land comprised therein for railways or other public works of any kind, the provisions of section thirty-six of this Act shall apply as if references in that section to roads were references to railways or those other public works, as the case may be:

“Provided that, where before the commencement of this section any land was taken for railways or other public works after the period of five years from the issue of the grant, no compensation shall be claimed by or paid to the owner of the land.”

Where any reservation in any Crown grant to take part of the land for roads or railways or other public works of any kind lapses through effluxion of time, the District Land Registrar may enter a memorial in the register that the reservation has lapsed.”