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Disputes submitted to the assembly for adjudication may be settled by the parties upon stipulation, if such disposition does not adversely affect the interest of either the borough or any third party. If the parties stipulate to a settlement, the assembly shall return the working file on the dispute, together with the stipulation, to the clerk. The clerk shall thereafter determine whether or not the interest of the borough, or any third party, is adversely affected by the stipulation. If the clerk determines that the interest of either the borough or any third party would be adversely affected by the stipulation, the clerk shall return the working file on the dispute for further proceedings by the assembly upon notice given to all interested parties. If the clerk determines that neither the interest of the borough nor the interest of any third person would be adversely affected by the stipulation, the clerk shall thereafter process the applications of the parties in dispute in accordance with the stipulation in the manner set forth in this section. If a change in the boundaries of the tidelands is required by an approved stipulation, the assembly shall direct that the change be made.