Amendment status not verified — confirm the current text below against the official source.
(1) A registered mortgagee of a ship or share may be transferred to any person and the instrument effecting the transfer shall be in the prescribed form or as near thereto as circumstances permit, and on the production of such instrument, the registrar shall record it by entering in the register book the name of the transferee as mortgagee of the ship or share and shall, by memorandum under his hand, notify on the instrument of transfer that it has been recorded by him stating the day and hour of the record. (2) The person to whom any such mortgage has been transferred shall enjoy the same right of preference as was enjoyed by the transferor.