Section 38

Every registered mortgagee shall have power abso-lutely to dispose of the ship or share in respect of which he is registered, and to give effectual receipts for the purchase money; but where there are more persons than one reg-istered as mortgagees of the same ship or share, a subse-quent mortgagee shall not, except under the order of the

High Court, sell the ship or share without the concurrence of every prior mortgagee.