396. (1) If a fishing vessel is lost, destroyed or rendered permanently unfit for service, the owner of such vessel shall, with the least practicable delay, report the fact to the Registrar of the port where the vessel is registered, and also forward to him along with the report the Certificate of Registry in respect of the vessel; and thereupon the Registrar shall make an entry to that effect in the Fishing Vessels Register and upon the making of such entry, the entries in the Register relating to the registration of the vessel shall be considered as closed, except so far as they relate to any unsatisfied mortgage entered therein. (2) If the owner fails to comply with any of the provisions of this section, he shall, for each offence, be punishable with fine which may extend to four thousand Taka.