Merchant Shipping (Registration of Ships) Regulations, 2006 · s 8

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 8

(1)

A tug or barge owned wholly or partly by a local company which owns only tugs or barges or both shall not be registered unless the company and its holding company, if any, has each a minimum paid-up capital of 10% of the value of the tug or barge or $250,000, whichever is the lesser amount.

(2)

A bareboat charterer which is a company and is not the registered owner of any Brunei Darussalam ship shall have a minimum paid-up capital of

$250,000.

(3)

Notwithstanding sub-regulation (1), a company shall, for the purposes of that sub-regulation, have a paid-up capital of at least $10,600.

(4)

Sub-regulations (1) and (2) shall apply to a company only in respect of the first ship to be registered by it after the date of commencement of these

Regulations.

(5)

For the purposes of sub-regulation (1), "holding company" has the same meaning as in sections 125 and 126 of the Companies Act (Chapter 39).

Closure of registry of ship upon reduction of paid-up capital of company owner.