Section 50Part 2 — REGISTRATION OF SHIPS
Termination of overseas registration
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50. (1) Where a ship is entitled to be registered in the Islands under section 5 and the ship is so registered, the ship shall not be registered under the law of a country outside the Islands except pursuant to a dispensation granted under section 32.
Where a ship is entitled to be registered in the Islands under section 27(1) and the ship is so registered, the ship shall not be registered under the law of a country outside the Islands.
Where a ship is registered under the law of a country outside the Islands in contravention of subsection (1) or (2), the registered owner is, subject to subsection (4), commits an offence and is liable on summary conviction to a fine of ten thousand dollars.
It is a defence for a person charged with an offence under this section to prove that the person had taken all reasonable steps to secure the termination of the registry of the ship under the law of the country in which the ship is registered in contravention of subsection (1) or (2) as may be applicable.