Section 43 · Closure of registration

(1) The owner of an Indian vessel may make an application to the Registrar in such form and manner as may be prescribed, to close its registration if there is no---

(a) unsatisfied mortgage entered in its register; or

(b) outstanding claims of the master or seafarer of the vessel in respect of wages which have been intimated.

(2) On receipt of the application under sub-section (1), the Registrar shall, if he is satisfied, by an order, close the registration of the vessel and make an entry thereof in the register and forward the copy of closure report to the Director-General.

Explanation.---For the purposes of this section, "owner" includes any transferee of, or any person entitled under a transmission to the property in, an Indian vessel.