2. Regulations 5, 6 and 7 of the Merchant Shipping (Registration of Ships) Regulations (Rg 7) are deleted and the following regulations substituted therefor:5.—(1) A ship, other than a tug or barge referred to in paragraph (2), owned wholly or partly by a company shall not be registered unless the company has a minimum paid-up capital of $50,000.(2) A tug or barge owned wholly or partly by a local company which owns only tugs or barges or both shall not be registered unless each of the local company and its holding company, if any, has —| (a) | where the value of the tug or barge is not less than $100,000, a minimum paid-up capital of —| (i) | 10% of the value of the tug or barge; or | | (ii) | $50,000, |
| whichever is the less; or |
| | (b) | where the value of the tug or barge is less than $100,000, a minimum paid-up capital of $10,000. |
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(3) A bareboat charter ship shall not be registered by a bareboat charterer which —| (a) | is a company; and | | (b) | is not the registered owner of any Singapore ship, |
| unless the bareboat charterer has a minimum paid-up capital of $50,000. |
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(4) Notwithstanding paragraph (1), any ship referred to in that paragraph which is owned wholly or partly by a company may be registered if the company, or any related corporation of the company —| (a) | has registered, applied to register or informed the Registrar that it will apply to register —| (i) | 2 ships having an aggregate tonnage of at least 40,000 net tons; | | (ii) | 3 ships having an aggregate tonnage of at least 30,000 net tons; | | (iii) | 4 ships having an aggregate tonnage of at least 20,000 net tons; or | | (iv) | 5 or more ships having any aggregate tonnage; and |
| | (b) | has satisfied such terms and conditions as the Registrar may impose. |
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(5) Where —| (a) | a ship referred to in paragraph (1) —| (i) | is owned wholly or partly by a company that does not satisfy the minimum paid-up capital requirement therein; and | | (ii) | is registered by virtue of paragraph (4); and |
| | (b) | any application referred to in paragraph (4)(a) —| (i) | is not made within the time allowed by the Registrar; or | | (ii) | is not granted, |
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| the Registrar may direct the company to satisfy the minimum paid-up capital requirement, and if the company fails to comply with the Registrar’s direction within such time as the Registrar may specify, the registry of the ship shall be closed by the Minister. |
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(6) Where —| (a) | any company which is required to have the minimum paid-up capital under paragraph (1) for the registry of any ship referred to in that paragraph; or | | (b) | any local company or holding company which is required to have the minimum paid-up capital under paragraph (2) for the registry of any tug or barge referred to in that paragraph, |
| reduces its paid-up capital below that minimum, the registry of the ship, tug or barge, as the case may be, shall be closed by the Minister. |
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| (7) Paragraph (2) shall apply to a local company only in respect of the first tug or barge to be registered by the local company. |
(8) In this regulation —| “bareboat charter ship” has the same meaning as in regulation 23; |
| “holding company” and “related corporation” have the same meanings as in the Companies Act (Cap. 50). |
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| Application of regulations 3, 4 and 5 |
| 6. Regulations 3, 4 and 5 shall not apply to any ship, tug or barge registered before 28th September 1981.”. |
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[G.N. No. S 96/2003] |
