Requirements as to paid-up capital for company ownership of ships
6.—(1)  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 the company and its holding company, if any, has each a minimum paid-up capital of 10% of the value of the tug or barge or $250,000, 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 $250,000.
(3)  Notwithstanding paragraph (1), a company shall, for the purposes of that paragraph, have a paid-up capital of at least $10,000.
(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.
(5)  For the purposes of paragraph (1), “holding company” has the same meaning as in section 5(4) of the Companies Act (Cap. 50).