(1) The restrictions under the 1886 Indenture relating to dealings in land in the Islands are extinguished.
(2) All rights and powers reserved to and exercisable by or on behalf of the Queen under the 1886 Indenture are extinguished.
(3) In this section:
"the 1886 Indenture" means the Indenture dated 7 July 1886 that was made between Her late Majesty Queen Victoria, the Governor of the Straits Settlements and George Clunies Ross in relation to the Islands .