(1) Where the interest of a mortgagee in a Saint Lucian ship or any share therein, is transmitted on the bankruptcy or death of the mortgagee, or by any lawful means other than by a transfer under this Act, the transmission shall be authenticated by a declaration of the person to whom the interest is transmitted.
(2) A declaration made under this section shall be in the prescribed form and shall contain a statement of the manner in which, and the person to whom, the property has been transmitted, and shall be accompanied by the like evidence as is required by this Act in the case of a corresponding transmission of the ownership of a Saint Lucian ship or share therein.
(3) The Registrar of Ships on receipt of the declaration and production of the evidence referred to in subsection (2), shall enter the name of the person entitled under the transmission in the register book as mortgagee of the ship or share therein.