Section 5Part 2 — REGISTRATION OF SHIPS
Entitlement of ship to be registered under this Act
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5. (1) Subject to sections 7 and 8, this section has effect for the purpose of determining whether a ship is entitled to be registered in the Islands under this Act.
Subject to subsection (3), a ship is entitled to be registered if a majority interest in the ship is owned by one or more persons qualified to be owners of Cayman Islands ships by virtue of section 4(1).
Subject to subsection (4), in the case of a ship where the person, or each of the persons, by whom the majority interest is owned is not resident in the Islands, the ship is entitled to be registered only if a representative person is appointed in relation to the ship.
Where an application is made in respect of a ship which has more than one owner, or its shares are owned by more than one owner, and there is no requirement for the appointment of a representative person under subsection (3), the ship is only entitled to be registered if — Section 6 Merchant Shipping Act, 2024 Page 24 Act 1 of 2024 c
either a representative person who is resident in the Islands is appointed; or
one of those owners who is resident in the Islands is nominated as the managing owner, and, in such a case, section 6(3), (4), (5), (6) and (7) shall apply with respect to the managing owner in the same manner as they apply with respect to the representative person.
For the purposes of this section —
one or more persons shall be treated as owning a majority interest in a ship if there is vested in that person or in those persons, taken together, the legal title to thirty-three or more or all of the sixty-four shares into which the property in the ship is divided, for the purpose of registration in accordance with section 12; and
a body corporate shall be treated as resident in the Islands if it is incorporated in the Islands and has a place of business there.