Section 12 in The Merchant Shipping (Registration Of Sailing Vessels) Rules, 1960
12. Transfer of vessel or interest therein.
(1)The owner, or in the case of joint ownership all the owners, of a vessel desiring to transfer the vessel or any interest therein shall apply to the registrar of the port of registry for permission to do so.(2)The registrar shall, after making such enquiry as he thinks necessary, forward the application together with his recommendation thereon to the Director-General for approval.(3)If the proposed transfer is approved, and after the sale has been effected, the transferee shall present to the registrar of the port a declaration of ownership, the instrument of transfer and the existing certificate of registry of the vessel, and thereupon, the registrar shall enter the particulars of the transfer in his register and issue a fresh certificate of registry.
