Section 12Part 2 — REGISTRATION OF SHIPS
Entries in register in relation to the property in a ship
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12. Entries in the register for registrations of ships in relation to property in a ship shall be made in accordance with the following provisions —
the property in a ship shall be divided into sixty-four shares; Section 13 Merchant Shipping Act, 2024 Page 30 Act 1 of 2024 c
subject to the provisions of this Act with respect to joint owners or owners by transmission, not more than sixty-four individuals shall be entitled to be registered at the same time as owners of any one ship (however this rule shall not affect the beneficial title of any number of persons or of a company represented by or claiming under or through a registered owner or joint owner);
except as provided otherwise in paragraph (e), a person is not entitled to be registered as owner of a fractional part of a share in a ship however any five or less persons may be registered as joint owners of a ship or of a share or shares in the ship;
joint owners shall be considered as constituting one person only as regards the persons entitled to be registered, and are not be entitled to dispose in severalty of any interest in a ship, or in any share in the ship in respect of which they are registered;
in the case of a ship wholly or partly owned by a shipping entity without a legal personality separate and distinct from that of its members, a person may be entitled to be registered as owner of a fractional part of a share in a ship provided that the sum of all the shares in the ship shall be sixty-four; and
a body corporate shall be registered as owner by its corporate name.