Section 76: Certificate of sale by court

(1)
Where a ship registered in any foreign country has been the subject of a forced sale in Nigeria and the proceeds of the forced sale have been distributed in accordance with section 76 of this Act, the court shall, at the request of the purchaser, having ascertained that the provisions of this part of this Act have been complied with, cause to be issued, a certificate to the effect that the ship is sold free of all mortgages and all liens and other encumbrances, except those assumed by the purchaser.
(2)
Upon production by the purchaser of a ship under subsection (1) of this section, of a certificate described in that subsection relating to any ship registered under this Act, the Registrar shall delete all registered mortgages and other preferential rights except those assumed by the purchaser and register the ship in the name of the purchaser or issue a certificate of de-registration as the case may be.