Section 41: Mortgage of ship or share

41. Mortgage of ship or share (1) A registered or provisionally registered ship, a ship under construction or a share in any such ship may be made a security for the repayment of a loan or the discharge of any other obligation by means of a deed of mortgage in such form as may be prescribed. (2) The Registrar shall register deeds of mortgage in the order in which they are produced to him and sign on each deed a statement to the effect that it has been registered. (3) Where it is stated in the deed of mortgage that no further mortgage on a ship may be created without the written consent of the mortgagee, the Registrar shall make a note in the Register to that effect and any mortgage registered in contravention of this provision shall be of no effect. (4) Where it is stated in the deed of mortgage that no transfer of ownership or termination of registration of a ship pursuant to section 40 (1) (d) may be made without the written consent of the mortgagee, the Registrar shall make a note in the Register to that effect and any recording in the Register of a transfer of ownership or a termination of the registration of the ship under that paragraph shall be of no effect. (5) Where the registration of a ship under construction is transferred to another appropriate part of the Register, any entry relating to a mortgage shall also be transferred to the same appropriate part of the Register. [Issue 2] M62 – 28 Revised Laws of Mauritius