(1) Where the property in a ship is transmitted to any person by any lawful means other than a transfer under section 39 or 79, and a majority interest in the ship remains in the ownership of one or more qualified persons, the person or persons to whom the ship is transmitted shall make and sign a declaration of transmission in the specified form containing-
(a) such of the description of the ship contained in the certificate of survey as is sufficient to identify the ship to the satisfaction of the Registrar;
(b) the statements referred to in section 40(1)(a) and (b); and
(c) a statement of the manner in which and the person or persons to whom the property has been transmitted.
(2) The declaration of transmission shall be accompanied by such evidence of the transmission as may be specified in instructions or as the Registrar may reasonably require.
(3) Upon lodgment of the declaration of transmission and the evidence required under subsection (2), the Registrar shall enter in the register the name of the person or persons entitled under the transmission as owner of the ship the property in which has been transmitted.
(4) Where there is more than one such person referred to in subsection (3), all such persons shall be considered as joint owners of the whole of the property transmitted.