At the commencement of this Act, all trust land situated in a township must vest in the municipality of the area where such land is situated, subject to the continued existence of any registered or registrable rights of a person in or over a piece of land in the township. Trust land in the remainder or land in the remainder which vests in a municipality in terms of a law listed in the Schedule, may be transferred to an entity at any time prior to the expiry of the transitional period. No transfe