Cap. 234 Art. 39Registration of mortgages.

(1) On the production of a mortgage for registration the registrar shall record it in the register and assign an index number of registration to such mortgage.

(2) Mortgages shall be recorded by the registrar in the order in time in which they are produced to him for that purpose, and the registrar shall by memorandum under his hand notify on each mortgage that it has been recorded by him, stating the day and hour of that record.

(3) Where it is stated in the mortgage instrument that it is prohibited to create further mortgages over a vessel without the prior written consent of the mortgagee, the registrar shall make a note in the register to such effect, and the registrar shall not record such further mortgage unless the consent in writing of the holder of a prior mortgage is produced to him, and any mortgage registered in violation of this provision shall be null and void: Provided that where such further mortgage is executed in favour of an existing mortgagee, no such consent shall be required from such mortgagee.

(4) When it is stated in the mortgage instrument that it is prohibited to effect the transfer of the ship which is being mortgaged, or of a share therein, without the previous written consent of the mortgagee, the registrar shall make a note in the register to such effect, and the registrar, notwithstanding any other provision of this Act, shall not record any transfer of such ship or of a share therein unless the consent in writing of such mortgagee is produced to him, saving where the transfer is made pursuant to a court order in a sale by auction of such a ship or pursuant to any other court order, and any transfer registered in violation of this provision shall be null and void.