A LIENATION OF SHIPS

Dominion, Volume 10, Issue 2958, 22 December 1916, Page 6

A LIENATION OF SHIPS

FOREIGN TRANSFERS NOT PERMITTED. War Regulations gazetted last night impose certain restrictions on the alienation or hypothecation of British ships. The regulations run as follow:— ■ I. No owner <si a. British ship registered in New Zealand, or of any 6haro in such a ship, shall transfer the ship or any share therein to a foreign-con-trolled company. a. No owner of a British ship registered in New Zealand, or of any sharein such a ship, shall mortgage the ship or any share therein to any person, not qualified to own a British ship or to-a foreign-controlled company; and no person, being the mortgagee of any such' ship or of any share therein, shall transfer his mortgage to a person not qualified to own a British ship or to a foreign-controlled company. 3. For the purposes of these regulations the xpression ''foreign-controlled, company" means any corporation— ' (a) Where the majority of (he directors, or persons occupying theposition of directors, by _ whatever" name called, are not British subjects; or

(b) Where the majority of tho> voting-power is in the hands of persons who are not British 6ubject6, or who exercise thtfr voting-powers directly or indirectly on behalf of persons who are not British subjects; or (c) Where the control is by any other means whatever in the hands of persons ,who are not British subjects;or

(d) Where tho executive is.a. for-eign-controlled company, or where the mijjor'tty of the executive are appointed by a foreign-controlled company.