Where on the application of any person having an interest (in this section referred to as the applicant), after inquiry into the circumstances, it appears to the Board desirable that land vested in the Board pursuant to section 15 of the Charitable Donations and Bequests (Ireland) Act, 1844, and specified in the application should be vested in the applicant, the Board may make an order in relation to the land and the order shall operate, as from such date as may be specified in the order (in this section referred to as the operative date), to vest in the applicant the land for all the estate, term or interest for which immediately before the operative date it was held in trust by the Board, together with all rights and liabilities enjoyed or incurred in connection therewith by the Board immediately before the operative date.