Instruments of mortgage

(1) The instrument creating any such security (referred to in this Part as a “mortgage”) shall be in the form prescribed in Appendix 3 hereof or in such other form as the Senior Deputy Registrar at the Head Office may approve. The signature(s) on the mortgage shall be authenticated in like manner as prescribed in section 30(4) of this Act. (2) Mortgages executed in the manner prescribed by the Registration of Merchant Ships Act No. 32 of, 1989, as amended, and the Registration of Merchant Ships (Registration and Miscellaneous Provisions) Regulations, 1991, in Statutory Instrument No. 111 of 1991, prior to the enactment of this Act shall remain valid until they are discharged. Notwithstanding the above, the new provisions of this Act shall apply to all such previously executed mortgages.