(1)Schedule 1 (which makes provision relating to the title to, and the registration of mortgages over, ships) shall have effect.
(2)Schedule 1 does not apply in relation to ships which are excluded from its application by registration regulations under section 10(4)(a).
(3)Where any person is beneficially interested, otherwise than as mortgagee, in any ship or share in a ship registered in the name of some other person as owner, the person so interested shall, as well as the registered owner, be liable to any pecuniary penalties imposed by or under this Act or any other Act on the owners of registered ships.
(4)Where the registration of any ship terminates by virtue of any provision of registration regulations, the termination of that registration shall not affect any entry made in the register so far as relating to any undischarged registered mortgage of that ship or of any share in it.
(5)In subsection (4) above “registered mortgage” has the same meaning as in that Schedule.
(6)In this Part “the private law provisions for registered ships” means the provisions of Schedule 1 and registration regulations made for the purposes of that Schedule or the provisions of registration regulations made under section 10(4)(a).
Modifications etc. (not altering text)
C1S. 16(3) applied (31.3.2023) by The Merchant Shipping (Watercraft) Order 2023 (S.I. 2023/35), arts. 1(1), 4