(1) The Authority may at any time, on the application of the registered owners of adjoining lands, or of the registered owner of land and an owner of adjoining unregistered land, and on the prescribed conditions being complied with, settle and enter on the register as conclusive the boundaries between those lands or any parts thereof, with such alterations, if any, as may from time to time be agreed upon.
(2) An entry in pursuance of this section shall be conclusive only as between the parties to the application and their respective successors in interest, and shall not operate to confirm the title to the lands the boundaries whereof are settled.