S.L. 234.42 Art. 1Title. Shipping companies formed under the Commercial Partnerships Ordinance. Cap. 168. Cap. 386.

(1) The title of these regulations is the Merchant Shipping

(Shipping Organisations - Private Companies) Regulations.

(2) These regulations shall come into effect on the 1st May 2004 except as hereunder provided. st

(3) These regulations shall apply , with effect from the 1 August 2004, to shipping companies formed and registered under the

Commercial Partnerships Ordinance , with the exception of st regulation 37, which shall apply with effect from the 1 May 2004:

Provided that should a shipping company elect to be governed by the Companies Act, it shall file a notice in accordance with the provisions of subregulation (4) and these regulations shall not apply to such shipping companies.

(4) (a) Any shipping company which is registered and existing as of the 30th April, 2004 which elects to be governed by the Companies Act shall file a notice to that effect in terms of the Ninth Schedule by not later than the 1st August, 2004.

(b) In such event, the company shall be bound to comply with the Companies Act within ninety days from the filing of the notice with the Registrar of Companies.

(c) In the event of the company failing to comply with the requirements of the Companies Act within the said time limit, the company shall be regulated by the regulations with effect from the 1st August, 2004 and the filing of the notice shall have no effect.

(5) For the purposes of sub-regulations (3) and (4) and of Part VIII, "shipping company" means a company whose objects are limited to the sole purpose of owning, managing, administering or operating ships and to transactions ancillary thereto formed and registered under the Commercial Partnerships Ordinance.