All inhibitions subsisting at the commencement of this Act shall prescribe not later than on the lapse of five years after the said date, and all inhibitions which shall be recorded after the commencement of this Act shall prescribe on the lapse of five years from the date on which such inhibitions shall respectively take effect: Provided always, that the raisers of any such inhibitions, or their heirs or assignees, may again record the same, or a memorandum signed by them or their agents in terms of Schedule J. hereto annexed, or in a similar form, in the register of inhibitions before the expiration of the said respective periods of five years, and on such inhibitions or such memorandum being so recorded, such inhibitions shall continue in force for an additional period of five years from the date of such subsequent recording, and such inhibitions or memorandum may be again recorded, or a new memorandum in the terms foresaid may be recorded with the like effect, before the expiration of every subsequent period of five years; provided nevertheless, that in the case of inhibitions subsisting at the commencement of this Act, no such inhibitions shall in any case be effectual for a longer period than they would have remained in force if this Act had not been passed.