2(1)Any transfer of a registered ship, or a share in such a ship, shall be effected by a bill of sale satisfying the prescribed requirements, unless the transfer will result in the ship ceasing to have a British connection.U.K.
(2)Where any such ship or share has been transferred in accordance with sub-paragraph (1) above, the transferee shall not be registered as owner of the ship or share unless—
(a)he has made the prescribed application to the registrar; and
(b)the registrar is satisfied that the ship retains a British connection and that he would not refuse to register the ship.
(3)If an application under sub-paragraph (2) above is granted by the registrar, the registrar shall register the bill of sale in the prescribed manner.
(4)Bills of sale shall be registered in the order in which they are produced to the registrar for the purposes of registration.