Section 8

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.

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.

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

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.

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.