Section 50: Revocation of certificates of mortgage and sale

50. Revocation of certificates of mortgage and sale.—(1) A registered owner of any ship or share therein in respect of which a certificate of mortgage or sale has been granted specifying the places where the power thereby given is to be exercised, may, by an instrument under his hand, authorize the registrar by whom the certificate was granted to give notice to the registrar or Pakistan consular officer at every such place that the certificate is revoked. (2) Notice shall thereupon be given accordingly and shall be recorded by the registrar or Pakistan consular officer receiving it, and after it is recorded the certificate shall be deemed to be revoked and of no effect so far as respects any mortgage or sale to be thereafter made at that place. (3) The notice, after it has been recorded, shall be exhibited to every person applying for the purpose of effecting or obtaining a mortgage or transfer under the certificate. (4) A registrar or Pakistan consular officer on recording any such notice shall state to the registrar by whom the certificate was granted whether any previous exercise of the power to which such certificate refers has taken place.

Effective date: 2001-01-01

Related sections