Commonwealth Numbered Acts

SHIPS (CAPITAL GRANTS) ACT 1987 No. 74, 1987 - SECT 4

4. Where:

   (a)  a shipowner enters into an agreement with the owner of a ship to lease
        the ship; and

   (b)  the agreement provides that, if certain payments under the agreement
        are made, the shipowner will become the owner of the ship; then, for
        the purposes of this Act:

   (c)  the shipowner shall be deemed to purchase the ship on entering into
        the agreement; and

   (d)  if the shipowner loses the right under the agreement to become the
        owner of the ship - the shipowner shall be deemed to cease to be its
        owner on losing that right.