Merchant Shipping Order, 2002 · s 25

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s 25

(1)

A Brunei Darussalam ship or any share therein may be made a security for a loan or other valuable consideration, and the instrument creating the security

(referred to in this Part as a mortgage) shall be in the prescribed form or as near thereto as circumstances permit, and on the production of that instrument the

Registrar shall record it in the register.

(2)

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