Section 33
Mortgage of mechanically propelled inland vessel or share therein.
About this Act
An Act to promote economical and safe transportation and trade through inland waters, to bring uniformity in application of law relating to inland waterways and navigation within the country, to provide for safety of navigation, protection of life and cargo, and prevention of pollution that may be caused by the use or navigation of inland vessels, to ensure transparency and accountability of administration of inland water transportation, to strengthen procedures governing the inland vessels, their construction, survey, registration, manning, navigation and such other matters connected therewith or incidental thereto.
(1) A registered
mechanically propelled inland vessel or a share therein may be mortgaged as a security for a loan or other
valuable consideration, and the instrument creating the security shall be in such form, as may be
prescribed by the Central Government, and on the production of such instrument, the Registrar of Inland
Vessels who granted the certificate of registration shall record it in the book of registry.
(2) The manner and the conditions, subject to which a mechanically propelled inland vessel or a share therein may be mortgaged, shall be such as may be prescribed by the Central Government.
(2) The manner and the conditions, subject to which a mechanically propelled inland vessel or a share therein may be mortgaged, shall be such as may be prescribed by the Central Government.