For registration, a ship
- Can be divided into 64 shares and only 64 shares.
- The number of persons registered as owners of a ship may not at any time exceed 64
- Any number of persons not exceeding five maybe registered as joint owners of a ship or of one or more shares in a ship
- A joint owner may not dispose of his or her interest separately
- A person may not be registered as owner of a fractional part of a share in a ship
- A body corporate is registered as owner by its name
- A trust is registered as owner in the name of the trust.