(1) Where a mortgage created prior to the first registration of property is entered in the register, the Authority may, on the application or with the concurrence of the person entitled, register him/her as owner of a charge on due proof of his/her title and after notice to the owner of the mortgaged property.
(2) The same forms may be used and the same procedure may be adopted on transfers and other dispositions of a charge of which an owner is so registered as are applicable to registered charges.