Liability of owners.

Where any person is beneficially interested otherwise than by way of mortgage, in any vessel or share in a vessel registered in the name of some other person as owner, the person so interested as well as the registered owner shall be subject to all the pecuniary penalties or fine imposed by this Act or any other law for the time being in force on the owners of vessel or shares therein, and proceedings for the enforcement of any such penalties or fine may be taken against both or either of the said parties jointly or severally.