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76. The Secretary of State may, on receipt of an application in a form approved by him, note on the Register the existence of a mortgage other than a mortgage registered pursuant to Schedule 3 to the Act if—
(a)the mortgage was executed prior to 1st December 1988, and
(b)the vessel which was made security for the mortgage either—
(i)remains registered under Part IV of the 1894 Act but neither is nor was registered in a Part I register or a Scottish register, or
(ii)has been transferred to the Register with simple registration.
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