(1) In the case of land which is registered with a qualified, good leasehold or possessory title, the Authority may, either on its own initiative or on an application by the registered owner or other person entitled, if it is satisfied as to the title, register the title as absolute or good leasehold, as the case may require or admit.
(2) The following provisions shall apply to registered land, other than land registered pursuant to subsection (1) of section 23 of the Act of 1891 or section 26 of this Act:
(a) where the title registered is possessory, an application for the registration of a transfer for valuable consideration or other disposition for value shall, subject to any provisions to the contrary which may be prescribed, be accompanied by all the documents of or relating to the title (including contracts, abstracts, counsel's opinions, requisitions and replies, and other like documents) in the applicant's possession or under his control, together with such affidavit as may be
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