Commonwealth Consolidated Acts

SHIPPING REGISTRATION ACT 1981 - SECT 44A

             (1)  If:

                     (a)  a ship is registered under this Act; and

                     (b)  particulars of a mortgage of a ship or of a share in the ship have been entered on the Register; and

                     (c)  the mortgage is not discharged;

the mortgagee may, despite the fact that the mortgage is not discharged, at any time, make a written application to the Registrar to close the registration of the ship, so far as it relates to that mortgage.

             (2)  The mortgagee must ensure that the application is accompanied by the mortgage instrument.

             (3)  If the mortgage instrument cannot, for any reason, be lodged with the Registrar, the mortgagee must lodge with the Registrar, in substitution for the mortgage instrument, a declaration by the mortgagee setting out such particulars relating to the mortgage as are prescribed for the purposes of this subsection.

             (4)  The Registrar must, on receipt of an application under subsection (1):

                     (a)  amend the Register; and

                     (b)  endorse the mortgage, or the declaration lodged in substitution for the mortgage;

to indicate the closure of the registration of the ship, so far as it relates to the mortgage that is the subject of the application.