|415||Title:||MERCHANT SHIPPING (REGISTRATION) ORDINANCE||Gazette Number:|
|Section:||47||Heading:||Mortgagee to have power of disposal||Version Date:||30/06/1997|
(1) A mortgagee of a registered ship shall have power absolutely to dispose of the ship and to give effectual receipts in respect of the disposal, but where there are 2 or more mortgages of the same ship, a subsequent mortgagee shall not, except under the order of a court, dispose of the ship without the consent of every prior mortgagee.
(2) A mortgagee of a registered ship who intends to dispose of the ship shall not dispose of the ship unless he has first given notice in writing to the Registrar of his intention so to dispose of the ship.
(3) Where the Registrar is notified by a mortgagee of the intention of that mortgagee to dispose of a ship, the Registrar shall forthwith inform each subsequent mortgagee of that ship accordingly.
(4) The disposal of a ship is not invalidated because of any failure to comply with a requirement of subsection (2) in relation to the disposal.