S.L. 499.23 Art. 27Change of ownership.

(1) Prior to any change of ownership of a vessel, the buyer and the licensee shall, within twenty-one days prior to such change of ownership, submit to the Authority the licence together with an application for a new licence by the buyer.

(2) A new licence shall be issued to the new owner following the submission of such documentary or other evidence of said transfer or change of ownership as the Authority may require.

(3) Upon the issue of a new licence by the Authority, the licence of the previous owner is thereby cancelled or modified by the Authority.

(4) Upon the death or dissolution of the owner, the licence issued in respect thereof shall become null and void and has to be surrendered to the Authority.