(1) Every bill of sale for the transfer of a registered ship or of a share therein, when duly executed, shall be produced to the Registrar of Ships with the declaration of transfer, and the Registrar of Ships shall—
(a) thereupon enter in the register book the name of the transferee as owner of the ship or the share therein; and
(b) endorse on the Bill of Sale the fact of such entry and the date and time at which the entry was made.
(2) A Bill of Sale of a ship or a share therein shall be entered in the register book in the order of its production to the Registrar of Ships.