(1) Any person entitled to any right in, to, or over registered land or a registered charge, may, on producing an affidavit in the prescribed form of his right, lodge a caution with the Authority to the effect that no dealing with the land or charge is to be had on the part of the registered owner until notice has been served on the cautioner.

(2) Thereupon the Authority shall not, without the consent of the cautioner, register any dealing with the land or charge, as the case may be, until it has served notice on the cautioner, warning him that his caution will lapse after the expiration of the prescribed time.

(3) After the expiration of that time, the caution shall lapse unless an order to the contrary is made by the Authority and on the caution so lapsing the land or charge may be dealt with as if the caution had not been lodged.