Canada Shipping Act, 2001

Marginal note:Optional registration

47 Unless they are registered, listed or otherwise recorded in a foreign state, the following vessels may be registered under this Part:

• (a) a pleasure craft that is wholly owned by qualified persons;

• (a.1) a vessel that is exempted under the regulations from the registration requirement in subsection 46(1) and that is wholly owned by qualified persons;

• (b) a vessel that is owned by a corporation incorporated under the laws of a foreign state if one of the following is acting with respect to all matters relating to the vessel, namely,

  • (i) a subsidiary of the corporation incorporated under the laws of Canada or a province,

  • (ii) an employee or a director in Canada of a branch office of the corporation that is carrying on business in Canada, or

  • (iii) a ship management company incorporated under the laws of Canada or a province; and

• (c) a vessel that is in the exclusive possession of a qualified person under a financing agreement under which the person will acquire ownership on completion of the agreement.