68.— (1) An interest—

(a) to which a person was entitled, or

(b) acquired by a person,

before the commencement of this Chapter in consequence of the failure to use words of limitation in a conveyance executed before that commencement or the application of the Rule in Shelley’s Case is extinguished unless the person claiming to be entitled to the interest or to have acquired it—

(i) applies to the court, within 12 years from the commencement of this Chapter, for an order under this section, and

(ii) registers any order made under this section in accordance with subsection (3).

(2) On such an application the court may—

(a) make an order declaring that the applicant is entitled to the interest or has acquired it,

(b) refuse to make such an order if it is satisfied that no substantial injustice will be done to any party, or

(c) in lieu of a declaration in favour of the applicant, order payment by another party of such compensation to the applicant as the court thinks appropriate.

(3) An order under this section shall be registered in the Registry of Deeds or Land Registry, as appropriate.