(1)When an inland [mechanically propelled vessel] [Substituted by Act 35 of 1977, Section 5, for " steam-vessel" (w.e.f. 1.5.1978).] is so altered as not to correspond with the particulars relating to her or the description entered in the certificate of registration then the owner of the vessel shall, within such period as may be prescribed, make a report of such alteration to the registering authority of the place where the vessel is registered.