(1) For the purposes of the registration of a ship—
(a) the property in a ship is divided into 64 shares;
(b) subject to paragraph (c), subsection (2) and item 4 of Schedule 1, the number
of persons registered as owners of a ship may not at any time exceed 64;
(c) any number of persons not exceeding five may be registered as joint owners of
a ship or of one or more shares in a ship;
(d) a joint owner of a ship or of one or more shares in a ship may not dispose of
his or her interest separately;
(e) a person may not be registered as the owner of a fractional part of a share in
a ship;
(f) a body corporate is registered as an owner by its corporate name; and
(g) a trust is registered as an owner in the name of the trust.