(1) Where a ship is to be registered anew, the Registrar of Ships shall proceed as in the case of first registration of the ship and on the receipt of the existing certificate of registry and upon compliance with the other pre-requisites to registration, or such of them as the Registrar of Ships thinks material, the Registrar of Ships shall make such new registration and grant a certificate of registry accordingly.
(2) When a ship is registered anew the former register of the ship shall be considered closed, except so far as relates to any unsatisfied mortgage entered on it; but the names of all persons on the former register appearing to be interested in the ship as owners or mortgagees or holders of other interests in the ship registered anew shall be entered on the new register and the new registration shall not in any way affect the rights of any of those persons.