Cap. 234 ст. 49ARegistration of mortgages over ships under construction. 

(1) A mortgage may be registered over a ship that is under construction and any such mortgage shall operate in all respects as a mortgage in accordance with this Act and unless otherwise provided in this article, the provisions on mortgages shall apply mutatis mutandis.

(2) Prior to the registration of a mortgage over a ship under construction, the owner shall be required by the registrar to provide him with a declaration of ownership confirming his ownership of the ship under construction:

Provided that the Registrar may require documentary proof of ownership.

(3) In cases where the ownership of the ship under construction vests in more than one owner, the declaration of ownership shall be drawn up jointly by the owners:

Provided that the owners shall have the option to jointly indicate their respective proportions of shares in the ship under construction. Whenever there is a change in the proportions of shares in the ship, the owners may jointly declare their new respective proportion of shares.

(4) A declaration of ownership made in regard to a ship under construction shall not be limited to the said ship at the stage of construction that the ship is in at the time the declaration is made but shall also extend to the stages of construction or equipping of the ship that follow, and article 566 of the Civil Code shall apply thereto.

(5) A mortgage registered over a ship that is under construction shall not be limited to the ship at the stage of construction that the ship is in at the time the mortgage is registered but shall extend and attach to the stages of construction that follow, and article 566 of the Civil Code shall apply thereto.

(6) For the purposes of this article: "ship under construction" means a ship which is in the process of being built.