Section 65: Procedure where ship sold under certificate of sale granted in Nigeria

(1)
If a ship registered in Nigeria is sold in exercise of a power conferred by a certificate of sale granted under this part of this Act to persons qualified to own a registered Nigerian ship--
(a)
a transfer of the ship shall be made by a bill of sale in the manner provided by this part and the bill of sale, when duly executed, and the certificate of sale shall be produced to the appropriate officer at the place at which the ship is sold, and that officer shall, upon the production, endorse and sign on the certificate of sale a memorandum of the fact of the sale of the ship and shall immediately notify the Registrar at the ship's port of registry;
(b)
the ship shall be registered anew in Nigeria in the manner provided by this part of this Act or in any other country in the manner provided by the law of that country ; and
(c)
the Registrar at the ship's former port of registry in Nigeria, upon receipt from the Registrar at the port at which the ship is registered a new certificate of sale and the ship's former certificate of registration on each of which is endorsed an entry of the fact of the sale, shall enter the sale of the ship in the register and the registration of the ship in that Register shall be considered as closed, except as far as relates to any unsatisfied mortgages or existing certificates of mortgage entered in the register.
(2)
If a ship registered in Nigeria is sold in exercise of a power conferred by a certificate of sale, granted under this part of this Act, to persons not qualified to own a registered Nigerian ship:
(a)
the certificate of sale and the certificate of registration shall be produced to the appropriate officer at the place at which the ship is sold and the officer shall retain those certificates and endorse and sign on each of the certificate a memorandum of the fact that the ship had been sold to persons not qualified to own a registered Nigerian ship;
(b)
the appropriate officer making the endorsements required by paragraph (a) of this subsection shall forward the certificates of sale and registration, each being duly endorsed, to the Registrar at the ship's port of registry;
(c)
the Registrar at the ship's port of registry, upon receipt of the certificates of sale and registration each being endorsed in accordance with paragraphs (a) and (b) of this subsection, shall make an entry of the sale in his register and the registration of the ship shall be considered as closed, except as far as it relates to any unsatisfied mortgages or existing certificate of mortgage entered in the register; and
(d)
if default is made in the production of the certificates mentioned in this subsection, the persons to whom a ship is sold shall be considered to have acquired no title to, or interest in, the ship, and the person on whose application the certificate of sale was granted, and the person exercising the powers conferred thereby, commits an offence under this Act and on conviction is liable to a fine not less than one hundred thousand Naira.
(3)
If no sale is made in exercise of the powers conferred by a certificate of sale granted under this part of this Act, that certificate shall be delivered to the Registrar by whom it was granted, and that Registrar shall upon the delivery to him of the certificate cancel the certificate and enter the fact of the cancellation in the register and every certificate so cancelled shall be void.