||Title:||MERCHANT SHIPPING (REGISTRATION) ORDINANCE||Gazette Number:|
|Section:||49||Heading:||Transmission of mortgage by operation of law||Version Date:||30/06/1997|
(1) Where the interest of a mortgagee in a mortgage of a registered ship is transmitted to another person by any lawful means other than a transfer under section 48, that person shall make and sign a declaration of transmission, in writing, which shall set out-
(2) The declaration of transmission shall be accompanied by such evidence of the transmission as may be specified in instructions.
(a) the name and official number of the ship;
(b) the name and address of each person from whom the interest is transmitted; and
(c) the name and address (or, in the case of a body corporate, place of incorporation) of the person to whom the interest is transmitted.
(3) Upon lodgment of the declaration and the evidence required under subsection (2), the Registrar shall enter in the register the name of the person to whom the interest is transmitted as the mortgagee of the ship.