Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A mortgage of a ship or of a share in a ship may be transferred by an instrument of transfer made in accordance with the regulations.
(2) Where a mortgage is so transferred, the instrument of transfer of the mortgage shall be lodged by the person to whom the mortgage has been transferred with the Registrar within 14 days of its having been so executed or within such longer period as the Registrar, in special circumstances, allows.
(2A) The Registrar shall, as soon as practicable after the lodgment of the instrument of transfer of the mortgage, enter in the Register the name of the transferee as the mortgagee of the ship or share the subject of the mortgage and endorse on the instrument the fact of the entry having been made, together with the date and time of the making of the entry.
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