Section 9

Where a company which is required to have the minimum paid-up capital under regulation 7 or 8 for the registry of any ship, tug or barge reduces its paid-up capital below that minimum, the registry of the ship, tug or barge shall be closed by the Minister.

Where a company referred to in sub-regulation (1) of regulation 8 owns, besides any tug or barge, any other ship, regulation 7 shall apply to that company.

Regulations 5, 6, 7, 8 and this regulation shall not apply to a ship, tug or barge registered before the date of commencement of these Regulations.