Regulation 5

In regulation 57I (interpretation of Part 6), for paragraph (1)(a) substitute—

“(a)

“owned” by a person if—

(i)

the legal title to the ship, or to any share in the ship, is vested in the person, or in a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by that person, or

(ii)

the person, or a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by that person, has a beneficial interest in the ship or in any share in the ship; and”.