Regulation 46Z39 Detained transport assetsF1

A person must not directly or indirectly acquire, or purport to acquire, a detained transport asset from, or for the benefit of—

The direct or indirect acquisition or purported acquisition of a detained transport asset from, or for the benefit of—

is void and ineffective for all purposes, including as a matter of contract and property law, regardless of the applicable law of any agreement to acquire the detained transport asset.

Paragraphs (1) and (2) are subject to Part 7 (Exceptions and licences).

A person who contravenes a prohibition in paragraph (1) commits an offence, but—

In this regulation—

• “designated person” means a person designated under regulation 5 (power to designate persons) for the purposes of this regulation;

• “detained transport asset” means—

  1. (a)

     a ship subject to a direction under regulation 57D(1), or

  2. (b)

     an aircraft subject to a direction under regulation 57J(6)(b).