5.—(1) A ship, other than a tug or barge, owned wholly or partly by a company shall not be registered unless the company has a minimum paid-up capital of 10% of the value of the ship or $500,000, whichever is the less.
(2) A bareboat charterer which is a company and is not the registered owner of any Singapore ship shall have a minimum paid up capital of $500,000.
(3) Notwithstanding paragraph (1), a company shall, for the purposes of that paragraph, have a paid-up capital of at least $50,000.
(4) Paragraphs (1) and (2) shall apply to a company only in respect of the first ship to be registered by the company after 28th September 1981.