Closure of registry of ship upon reduction of paid-up capital of company owner
7.—(1) Where a company which is required to have the minimum paid-up capital under regulation 5 or 6 for the registry of any ship, tug or barge, reduces its paid-up capital below that minimum, the registry of the ship, tug or barge shall be closed by the Minister.
(2) Where a company referred to in regulation 6(1) owns, besides any tug or barge, any other ship, regulation 5 shall apply to that company.
(3) Regulations 3, 4, 5 and 6 and this regulation shall not apply to a ship, tug or barge registered before 28th September 1981.