(1) The registration of a bill of sale must be renewed once at least every 5 years, and if a period of 5 years elapses from the registration or renewed registration of a bill of sale without a renewal or further renewal (as the case may be), the registration becomes void.
(2) The renewal of a registration shall be effected by registering an affidavit stating the date of the bill of sale and of the last registration thereof, and the names of the parties thereto as stated therein, and that the bill of sale is still a subsisting security.
(3) Every such affidavit may be in the form set out in Schedule 2.