Section 21(1) in The Merchant Shipping (Registration of Indian Ships) Rules, 1960
(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.
