Section 71Part 4 — PROPRIETARY INTERESTS IN REGISTERED SHIPS
Order for sale on transmission to unqualified person
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Where the property in a registered ship or share in a ship is transmitted to a person by any lawful means other than a transfer under section 67, but, as a result of the transmission, a majority interest in the ship no longer remains in the ownership of persons qualified to be owners of a Cayman Islands ship, the Court may, on an application by or on behalf of that person —
order a sale of the property so transmitted; and
direct that the proceeds of sale, after deducting the expenses of the sale, shall be paid to that person or otherwise as the Court directs.
The Court may require any evidence in support of the application under subsection (1) as it thinks necessary, and —
may make the order on any terms and conditions it thinks just; or
may refuse to make the order; and
generally may act in the case as the justice of the case requires.
Every application for sale under subsection (1) shall be made within four weeks after the occurrence of the event on which the transmission has taken place, or within such further time, not exceeding in the whole one year from the date of the occurrence, as the Court allows.
If an application under subsection (1) is not made within the times specified under subsection (4), or if the Court refuses an order for sale, the ship or share transmitted shall thereupon be subject to forfeiture under this Act.
Cross References
- Section 67 of Merchant Shipping Act
reference to transfer section