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34. Where there is any transfer or transmission of a registered vessel or share therein—
(a)the person ceasing to own, or in the event of his death, his legal personal representative, shall notify the fact to the Secretary of State, and
(b)the new owners shall promptly make application in accordance with these Regulations for the transfer or transmission to be registered; and if such application is not made within a reasonable time the Secretary of State may subject to section 21(2) of the Act cancel the registry of the vessel and the Certificate of Registry.
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