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(1) The estate houses described in the first column of the Second Schedule to this Decree, belonging to the persons specified in the second column in relation to each of the houses in the said Schedule, are hereby revested in the State Housing Corporation for reallocation free from all incumbrances whatsoever.

(2) Notwithstanding the provisions of subsection (1) of this section any person whose estate house has been so revested may opt for a refund of any moneys paid by him to the State Housing Corporation in respect of the house or for the moneys to be applied towards the purchase price of another estate house, so however that in the case of the last two named persons in the said Schedule their moneys shall be refunded without any option.