In forceAs enactedCurrent version · As enacted
Merchant Shipping (Registration of Ships) Regulations, 2006 · As enacted · Part I
Merchant Shipping (Registration of Ships) Regulations, 2006 · As enacted · Part I
Official textFrom Attorney General's Chambers, unchanged
A ship, other than a tug or barge, owned wholly or partly by a company shall not be registered unless the company has a minimum paid-up capital of 10%
of the value of the ship or $500,000, whichever is the lesser amount.
2142
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
$500,000.
{3)
Notwithstanding sub-regulation (1), a company shall, for the purposes of that sub-regulation, have a paid-up capital of at least $50,000.
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.
Requirements as to paid-up capital for company ownership of ships.