CONSEQUENTIAL AND COORDINATING AMENDMENTS
Marginal note:1991, c. 46
Marginal note:Security on fishing vessels
(5) If security has been given to a bank under paragraph 427(1)(o) on a fishing vessel that is recorded or registered under the Canada Shipping Act, 2001, the rights and powers of the bank do not have priority over any rights that are subsequently acquired in the vessel and are recorded or registered under that Act unless a copy of the document giving the security, certified by an officer of the bank to be a true copy, has been recorded or registered under that Act in respect of the vessel before the recording or registration under that Act of those rights.
Marginal note:Effect of registration of security
(6) A copy of the document giving the security described in subsection (5), certified by an officer of the bank, may be recorded or registered under the Canada Shipping Act, 2001 as if it were a mortgage given under that Act and, on the recording or registration of the document, the bank, in addition to and without limitation of any other rights or powers vested in or conferred on it, has all the rights and powers in respect of the vessel that it would have if the security were a mortgage recorded or registered under that Act.
Marginal note:1998, c. 10
Canada Marine Act
(3) Subject to any regulations made under section 62, practices and procedures established by a port authority under subsection (1) shall not be inconsistent with national standards and practices for marine vessel traffic services, in particular those established under the Canada Shipping Act, 2001.
277. Paragraph 58(2)(f) of the Act is replaced by the following:
(f) the proximity of a ship navigating in an unsafe manner or with improperly functioning navigation equipment or radio equipment, or without charts or publications required by regulations made under paragraph 120(1)(b) of the Canada Shipping Act, 2001;
278. The portion of subsection 120(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Payment of proceeds
120. (1) If a ship is sold under an order, the proceeds of the sale shall be applied first to satisfy claims for wages of crew members under the Canada Shipping Act, 2001 and then to satisfy the following claims in order of priority:
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