34. Mortgages

A registered Brunei ship or a share therein may be made a security for a loan or other valuable considera-tion, and the instrument creating the security (hereinafter in this Part referred to as "a mortgage") shall be in the pre-scribed form, or as near thereto as circumstances permit, and on the production of such instrument the Registrar shall record it in the register book.

Mortgages shall be recorded by the Registrar in the order in time in which they are produced to him for that purpose, and he shall endorse and sign a memorandum on each mortgage stating the date and time of that record.