(1) In the case, where the ownership of any fishing vessel or fixed gear or free net or aquaculture area or filtration area in the manner prescribed, is transferred, the transferor shall, within sue ; time as may be prescribed, report such transfer to the authorised officer within whose jurisdiction the transfer is made and shall simultaneously send a copy of the said report to the transferee also.
(2) The transferee shall, within such time as may be prescribed, report the transfer to the authorised officer and shall along with such report forward the certificate of registration to that authorised officer together with such fees as may be prescribed and after its receipt, the authorised officer shall enter the particulars of such transfer of ownership in the certificate of registration and in the register kept in his office.