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(1) Where a ship is to be registered anew, the Registrar shall proceed as in the case of a first registration and on the delivery to the Registrar of the existing certificate of registration and in compliance with the other requirement for registration, or in the case of a change of ownership in compliance with such of the requirements as the Registrar thinks material, the Registrar shall re-register the ship, and grant it a Certificate of Registry.

(2) When a ship is registered anew, her former registration shall be considered as closed, except so far as relates to any unsatisfied mortgage entered into, but the names of all persons formally registered as owners or mortgagees shall be entered on the new register, and the new registration shall not in any way affect the rights of any of those persons.