(1) Subject to the provisions of this section, the Statute of Limitations, 1957, shall apply to registered land as it applies to unregistered land.

(2) Where any person claims to have acquired a title by possession to registered land, he may apply to the Authority to be registered as owner of the land and the Authority, if satisfied that the applicant has acquired the title, may cause the applicant to be registered as owner of the land with an absolute, good leasehold, possessory or qualified title, as the case may require, but without prejudice to any right not extinguished by such possession.

(3) Upon such registration, the title of the person whose right of action to recover the land has expired shall be extinguished.

(4) Section 24 of the Statute of Limitations, 1957, is hereby amended by the substitution, for "section 52 of the Act of 1891", of "section 49 of the Registration of Title Act, 1964".