Section 41: Procedure for registration anew

(1)
When a ship registered in Nigeria is to be registered anew, the Registrar at the ship's port of registry shall proceed as in the case of first registration and on the delivery to the Registrar of the existing certificate of registration and on compliance with the other requisites for registration or if the registration anew is to take place in consequence of a change of ownership, such of the requisites as the Registrar thinks material, the Registrar shall make the registration anew and grant a certificate of the registration.
(2)
When a ship is registered anew, the former register of the ship shall be considered as closed, except so far as relates to any unsatisfied mortgage or existing certificates of sale or mortgage entered on the register while the names of all persons appearing on the former register to be interested in the ship as owners or mortgagees
shall be entered on the new register and the registration anew shall not in any way affect the rights of any of those persons.