Fiji-owned ships
12.—(1) For the purposes of registration in Part A or Part B of the Register, a ship is deemed to be Fiji-owned if—
(a) it is owned by a Fiji national or Fiji nationals;
(b) it is owned by 3 or more persons as joint owners, otherwise than as described in paragraph (c), and the majority of those persons are Fiji nationals; or
(c) it is owned by 2 or more persons as owners in common, and more than half of the shares in the ship are owned by 1 or more Fiji nationals.
(2) For the purposes of subsection (1) (c) where 2 or more persons are joint owners of any number of shares in the ship, the following provisions shall apply—
(a) in the case of 2 or more particular shares that are owned by the same persons, the interest of each owner in those shares shall be ascertained by dividing the number of shares by the number of owners of the shares;
(b) in the case of a share to which paragraph (a) does not apply, the interest of each owner in the share shall be ascertained by dividing the number 1 by the number of owners of the share;
(c) a person shall not be entitled to be registered as owner of a fractional part of a share in a ship; and
(d) not more than 5 persons may be registered as joint owners of a share or shares in a ship.
(3) Joint owners shall—
(a) be considered as constituting one person only for the purposes of registration; and
(b) not be entitled to dispose severally of an interest in a ship in respect of which they are jointly registered.