Cap. 503 Art. 7Conditions of eligibility to joint or fractional ownership.

(1) Where the application for registration of an aircraft is based on ownership and where interest in an aircraft is vested in more than one person, then at least fifty per cent of the owners of the shares in the aircraft must be eligible as qualified persons, provided that the Minister may by regulations establish different conditions, including different minimum thresholds on ownership participation by qualified persons for the eligibility to register an aircraft when owned by more than one person.

(2) The same rule shall apply when the applicant for registration is a trustee where reference shall be made to the beneficial interests mutatis mutandis.

(3) Where the application for registration of an aircraft is based on the operation of such aircraft and where such operation is being carried out by more than one person, then all the operators of the aircraft must be eligible as qualified persons:

Provided that in the case of an aircraft which is not used to provide air services, the Minister may by regulations establish different conditions for the eligibility to register an aircraft when operated by more than one person.