(1) Where by a disposition of any property an interest is conferred on any person, other than the disponer for the life of such person or determinable on his death, the remainder being conferred upon the disponer absolutely, and such person enters into possession of the interest, and thenceforward retains possession of it, then, on the death of such person, the property shall not be deemed to pass by reason only of its reverter to the disponer in his life time.

(2) Where by a disposition of any property any such interest as is mentioned in sub- section (1) is conferred on two or more persons either severally or jointly or in succession, sub- section (1) shall apply in like manner as where the interest is conferred on one person: Provided that sub- section (1) shall not apply where such person or persons taking the said life or determinable interest had at any time prior to the disposition been himself or themselves competent to dispose of the said property.