(1) A registered mortgage of a vessel or share may be transferred to any person in such manner and the instrument effecting the transfer shall be in such form as may be prescribed.
(2) The person to whom any such mortgage has been transferred shall enjoy the same right of preference as was enjoyed by the transferor.
(2) The person to whom any such mortgage has been transferred shall enjoy the same right of preference as was enjoyed by the transferor.
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Section 1 · Short title and commencement.Section 2 · Application of Act.Section 3 · Definitions.Section 4 · Establishment of National Shipping Board.Section 5 · Constitution of Seafarer’s Welfare Board.Section 6 · Power to make rules.Section 7 · Director-General of Maritime Administration.Section 8 · Officers.India Code, Government of India. Text fetched 25 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.