Commonwealth Numbered Acts

SHIPPING REGISTRATION AMENDMENT ACT 1984 No. 16, 1984 - SECT 17

17. Sections 43 and 44 of the Principal Act are repealed and the following
sections are substituted: Transmission of mortgage by operation of law

''43. (1) Where the interest of a mortgagee in a mortgage of a ship or of a
share in a ship is transmitted to a person by any lawful means other than by a
transfer under section 42, a declaration of transmission made by that person
in accordance with the regulations, together with such evidence of the
transmission as is prescribed, shall be lodged by that person with the
Registrar within 14 days of that interest being transmitted to that person or
within such longer period as the Registrar, in special circumstances, allows.

''(2) The Registrar shall, as soon as practicable after the lodgment by a
person of a declaration of transmission of the interest of a mortgagee in a
mortgage of a ship or a share in a ship, together with such evidence of the
transmission as is prescribed, enter in the Register the name of that person
as mortgagee of the ship or share. Discharge of mortgage

''44. (1) Where a mortgage is discharged, the mortgage instrument together
with such evidence of the discharge of the mortgage as is prescribed shall be
lodged by the mortgagor with the Registrar within 14 days after the discharge
or within such longer period as the Registrar, in special circumstances,
allows.

''(2) The Registrar shall, as soon as practicable after the lodgment by the
mortgagor of the mortgage instrument, together with such evidence of the
discharge of the mortgage as is prescribed, make an entry in the Register to
the effect that the mortgage has been discharged and, on that entry being
made, any interest of the mortgagee under the mortgage vests in the mortgagor.

''(3) Where the mortgage instrument cannot, for any reason, be lodged with the
Registrar, there shall be lodged by the mortgagor with the Registrar, in
substitution for the mortgage instrument and such evidence of the discharge of
the mortgage as is prescribed for the purposes of sub-section (1), a
declaration by the mortgagee setting out such particulars relating to the ship
in respect of which the mortgage was given, the mortgage and its discharge as
are prescribed for the purposes of this sub-section.

''(4) In this section, 'mortgagor', in relation to a ship or a share in a
ship, includes any person in whom, having regard to any intervening acts and
circumstances, the interest of the mortgagee would have been vested if the
mortgage had not been made.''.