Section 7

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.