Section 23. Transfer of Indian vessel or shares.

(1) No person shall transfer or acquire any Indian vessel or any share or interest therein at any time during which the security of India or any part of the territory thereof is threatened by sanction, war or external aggression and a proclamation of emergency issued under clause (1) of article 352 of the Constitution is in operation, without the previous approval of the Central Government and any transaction effected in contravention of this provision shall be void and unenforceable. (2) The Central Government may, if it considers necessary or expedient so to do for the purpose of conserving the tonnage of Indian shipping, by order, refuse to give its approval to any such transfer or acquisition in the circumstances referred under sub-section (1). (3) No transfer or acquisition of any Indian vessel shall be valid unless,--- (a) all mortgages entered in its register are satisfied or the mortgagee has given his consent in writing for the transfer of the vessel; (b) all wages and other amounts due to seafarers in connection with their employment on that vessel have been paid in accordance with the provisions of this Act; (c) any subsisting entry has been made of any court order prohibiting transfer or any dealing with that vessel; (d) any unpaid statutory fees that may be levied on the vessel has been paid and informed in writing to the Registrar. (4) Subject to the provisions contained in this section, an Indian vessel or a share therein shall be transferred, only by an instrument, in such form and manner as may be prescribed. (5) The instrument for the transfer of an Indian vessel or of a share therein shall be registered by the Registrar in accordance with such procedure as may be prescribed.