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Mortgages Of Registered Fishing Vessels

Volume 130: debated on Wednesday 30 March 1988

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Interpretation

Amendments made: No. 50, in page 58, line 3, leave out

`when the mortgage money has become'

and insert

'if the mortgage money or any part of it is'.

No. 51, in page 58, line 29, at end insert—

'Transfer of mortgages from one system of registration to another

9. —(1) Regulations may provide—
  • (a) for the transfer to the register of undischarged mortgages that have been registered under Part I of the 1894 Act and affect ships registered under that Part of that Act which become registered vessels otherwise than in pursuance of paragraph 4 of Schedule 2 to this Act; and
  • (b) for any provisions of this Part to have effect in relation to any such mortgages, or in relation to any mortgages transferred in pursuance of paragraph 4 of that Schedule, subject to such modifications as may be specified in the regulations.
  • (2) Regulations may also provide—
  • (a) for the transfer to registers kept under Part I of the 1894 Act of undischarged registered mortgages affecting registered vessels which become ships registered under that Part of that Act; and
  • (b) for any provisions of that Part of that Act to have effect in relation to any such mortgages subject to such modifications as may be specified in the regulations.
  • (3) Without prejudice to the generality of sub-paragraphs (1) and (2)—
  • (a) regulations made by virtue of sub-paragraph (1) may make provision, in connection with the transfer of mortgages in pursuance of that sub-paragraph, for the transmission of information relating to such mortgages which is recorded in registers kept under Part I of the 1894 Act, and for the recording of such information in the register kept under this Part; and
  • (b) regulations made by virtue of sub-paragraph (2) may make corresponding provision, in connection with the transfer of mortgages in pursuance of that sub-paragraph, for the transmission and recording of information relating to such mortgages which is recorded in the register kept under this Part.
  • (4) In this paragraph "regulations" means regulations made under section 12.'. —[Mr. Channon.]