(1) Where by consent of the parties in action has been settled-
(a) the Court or the Registrar may, at any time on application of the parties, record the fact of such settlement with or without recording the terms thereof; or
(b) any party to the settlement may apply to have the settlement recorded and the Court, if sitisfied,after hearing the parties, that the action has been settled, shall record the settlement and the terms thereof;
(c) the record of settlement shall afford a defence by way of resjudicata to subsequent proceedings.
(2) Any party to an action which has been settled may obtain a certified copy of the settlement recorded.