S.L. 234.41 Art. 5Shipping organisation deemed to be issued with a licence.

A shipping organisation which qualifies as a shipping organisation in terms of article 84Z(1)(a) of the Act, or in terms of paragraphs (a) and (d) of that subarticle, and qualified to own a

Maltese ship that, on the 1st May, 2004, was, or, on or after that date became or becomes, a registered owner or a registered bareboat charterer shall be deemed to have been issued with a licence as a shipping organisation authorising it to carry on the activities set out in article 84Z(1)(a) of the Act or in paragraphs (a) and (d) of that subarticle, as the case may be, valid as from the 1st May, 2004 or from the date that the organisation became or becomes a registered owner or a registered bareboat charterer, whichever is the later date, until such time, if such licence has not been cancelled in terms of regulation 9, that the organisation remains uninterruptedly a registered owner or a registered bareboat charterer: Provided that if the principal objects of a shipping organisation authorised in terms of this regulation to carry on only the activities set out in article 84Z(1)(a) of the Act are amended as to include the activities set out in paragraph (d) of that subarticle, such organisation shall be deemed to be authorised to carry on the activities set out in such paragraph (d) from the date that it is certified that the amendment has come into effect: Provided further that a shipping organisation may, within eight days from the time it ceases to be a registered owner or a registered bareboat charterer, file an application for a renewal of its licence as a shipping organisation and, the Registrar-General shall, if satisfied that all requirements for the qualification of the applicant as a shipping organisation continue to be satisfied, renew the licence for a period of five years from the date the shipping organisation has ceased to be a registered owner or a registered bareboat charterer of a Maltese ship and, thereafter such licence falls to be renewed in terms of regulation 7.