Merchant Shipping Act · s 47

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47.
Trusts and Equitable Rights
(1) No notice of any trust, express, implied or con-structive, shall be entered in the register book or be receiv-able by the Registrar, and, subject to any rights and powers appearing by the register book to be vested in any other person, the registered owner of a ship or of a share therein shall have power absolutely to dispose in the manner in this
Part provided of the ship or share, and to give effectual receipts for any money paid or advanced by way of consid-eration.
(2) Without prejudice to the provisions of subsection
(1) and section 38, and without prejudice to the provisions of this Part relating to the exclusion of unqualified persons from the ownership of Brunei ships, interests arising under contract or other equitable interests may be enforced by or against owners and mortgagees of ships in respect of their interest therein in the same manner as in respect of any other personal property.
Liability of Beneficial Owner 45
Notice of trusts not re-ceived

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s 47Trusts and Equitable Rights

(1)

No notice of any trust, express, implied or con-structive, shall be entered in the register book or be receiv-able by the Registrar, and, subject to any rights and powers appearing by the register book to be vested in any other person, the registered owner of a ship or of a share therein shall have power absolutely to dispose in the manner in this

Part provided of the ship or share, and to give effectual receipts for any money paid or advanced by way of consid-eration.

(2)

Without prejudice to the provisions of subsection

(1)

and section 38, and without prejudice to the provisions of this Part relating to the exclusion of unqualified persons from the ownership of Brunei ships, interests arising under contract or other equitable interests may be enforced by or against owners and mortgagees of ships in respect of their interest therein in the same manner as in respect of any other personal property.

Liability of Beneficial Owner 45

Notice of trusts not re-ceived