(1) Where any ship registered in a foreign state is sold in exercise of a power conferred by a certificate of sale granted under the law of that country, to persons qualified to own a Saint Lucian ship, that may be registered in Saint Lucia in accordance with this section.
(2) Application for registry shall be made to the Registrar of Ships and there shall be produced to the Registrar of Ships the bill of sale by which the ship is transferred, the certificate of sale and the certificate of registry of the ship.
(3) The Registrar of Ships, on registering the ship—
(a) shall retain the certificates of sale and the certificate of registry, and shall endorse on each of those certificates an entry of the fact of a sale having taken place; and shall forward those certificates, so endorsed, to the Registrar of Ships at the ship's former Port of Registry; and
(b) shall enter in the register book such particulars as are, by this Act required to be entered therein in the case of the first registry of a ship in Saint Lucia, and also a statement of any registered mortgages or certificates of mortgage enumerated on the certificate of sale.
(4) On such registry—
(a) the description of the ship contained in the ship's former certificate of registry may be transferred to the new register book, without the ship being resurveyed, and the declaration to be made by the purchaser shall be the same as would be required to be made by an ordinary transferee; and
(b) all persons appearing on the register book to be interested in that ship as owners or mortgagees shall be deemed to have the same rights and their rights shall be determined in the same manner as if that ship had been first registered in Saint Lucia in the manner provided in this Act and as if any unsatisfied mortgages or existing certificates or mortgage had been entered in the register book at that port.