Dual registration

(1) The vessels registered in IMMARBE may, in order to comply with the terms of a charter contract, obtain a second registration at the registry of another country without affecting their registration at IMMARBE. (2) For the purpose of subsection (1) of this Act, the applicant shall submit a formal application to IMMARBE giving full details of the contract, including the name and address of the charterer and date of expiration of the said contract. If the vessel has a mortgage recorded on it, a 45 notarized letter of consent from the mortgagee shall also be submitted. (3) IMMARBE shall, if satisfied that all formalities have been complied with by the applicant, authorise the vessel’s dual registration for a period of two years in the first instance. This period may be extended from time to time for like periods as and when necessary upon cause being shown to (4) In every case of dual registration, it shall be the responsibility of the applicant to obtain the necessary approval of the competent authority of the country in which second registration is being sought.