Prohibition to create further mortgage

(1) Where it is stated in the mortgage or in the Deed of Covenant or loan agreement or guarantee or other document appended thereto that it is prohibited to create further mortgages over a vessel without the prior written consent of the mortgagee, any other mortgage registered in violation of this provision shall be null and void. (2) IMMARBE shall not record a transfer of ownership of the vessel or any change of name of the vessel or terminate the ship’s registration at the request of the owner, as the case may be, unless the appropriate consent in writing of the mortgagee is produced, failing which any recording in the Register of a transfer of ownership or a termination of the ship’s registration at the request of the owner shall be null and void. (3) IMMARBE shall not approve any application by the registered owner for the registration of a Belize registered vessel in another Registry under a bareboat charter without the prior consent in writing of each mortgagee. Mortgages on a Belize registered ship which are also registered in another Registry under a bareboat charter may only be recorded at the