(1) If the vessel presented for auction registered in accordance with this regulation is held as a mortgage or by any other type of document limiting the rights of the owner of the vessel or in accordance with Section 2 of the Act In case the right mentioned in sub-section (1) is granted or maintained or restrictions are imposed, notice must be given to the office within 30 days along with the application for registration of the vessel.
(2) The burden or restriction mentioned in sub-rule (1) should be prepared in writing and the evaluation score of the burden or restriction should also be mentioned in such writing. A certified copy of that document should also be presented along with such notification.
(3) The notices received in accordance with this rule shall be recorded by the Registrar in the order of date and time in the page relating to the loads and restrictions of the ship's register book. It will be maintained according to karma. But the extent of liability for such burden or restriction will not exceed the number written in the relevant document.
(4) If any vessel registered in accordance with this rule is taken by pledge or contract for any purpose, the person taking such pledge or contract shall not acquire any right relating to the ownership of the vessel and the vessel shall be sold to him or transferred to him in any other way except with the approval of the Registrar. will not have the right to do so.
(5) In relation to a ship, after any encumbrance or restriction recorded in the relevant page of the register book in accordance with this rule is over, notice of the same shall be given to the Office as soon as possible and upon receipt of such notice, the Registrar shall indicate the same in the relevant page of the register book.