Loss, etc., of a registered ship

In the event of a registered ship being either actually or constructively lost, taken by the enemy, burnt or broken up, or ceasing to be a Belizean ship, the owner of the ship shall, immediately on becoming aware of the event, give notice thereof to the Registrar, and the Registrar shall make an entry thereof in the Register, and the registration of the ship shall be considered as closed, except insofar as it relates to any unsatisfied mortgages entered therein.