Paragraph 3
(1)
Where a registered ship, or a share in a registered ship, is transmitted to any person by any lawful means other than a transfer under paragraph 2 above and the ship continues to have a British connection, that person shall not be registered as owner of the ship or share unless—
(a)
he has made the prescribed application to the registrar; and
(b)
the registrar is satisfied that the ship retains a British connection and that he would not refuse to register the ship.
(2)
If an application under sub-paragraph (1) is granted by the registrar, the registrar shall cause the applicant’s name to be registered as owner of the ship or share.