(1) A ship shall not be licensed in Saint Lucia unless it is owned wholly by persons referred to in section 12.
(2) No more than 8 persons may be recorded as joint owners of a licensed Saint Lucian ship.
(3) Within 7 days, or such further time as may be allowed by the Minister, after a change of ownership of a licensed Saint Lucian ship, the owner shall in writing notify the Registrar of Ships of such change.
(4) Where the owner of a licensed Saint Lucian ship ceases to be resident in Saint Lucia or where that owner fails to comply with subsection (3), the licence of the ship shall be deemed to have been cancelled.
(5) The Minister may in writing exempt any ship from the provisions of subsection (1).