70.
| (1) A registered mortgage of a ship or share may be transferred to any person, and the instrument effecting the transfer shall be in the prescribed form, or as near thereto as circumstances permit. |
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| (2) On production to him of an instrument of transfer, the Registrar of the ship's port of registry shall-
| | (a) record such instrument by entering in the register book the name of the transferee as mortgagee of the ship or share; and | | |
| | (b) by memorandum under his hand notify on the instrument of transfer that it has been recorded by him, stating the day, date and hour of that record. | | |
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| (3) 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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Sri Lanka Consolidated Acts