(2)On the date so fixed,-(a)such charge shall terminate;(b)the owner of the said property [or the trustee of such trust property] [Inserted by Act 4 of 1940.] shall be restored to the possession thereof, subject to any contracts entered into by the Court of Wards for the preservation or benefit of such property; and(c)the claims for interest barred under Section 10A, sub-section (2) shall revive in case the debt or liability in respect of which the interest is claimed be not then barred by any law of limitation.