Section 21 in The Merchant Shipping (Registration of Indian Ships) Rules, 1960
21. Instrument of sale.
(1)A transfer of a registered ship or any share therein shall be effected by an instrument of sale in the appropriation form specified in Schedule I.Where a consideration other than a money consideration is stated in the instrument of sale and the registrar is in doubt whether it constitutes good consideration or not, he shall refer the matter to the Director General for orders.(2)In the case of joint ownership, all the joint owners shall join in the execution of the instrument of sale.
