(1) Payments may be made from time to time to a Co-operative Society in accordance with the regulations in respect of any engine which the Chief Agricultural Officer is satisfied is used for the purpose of propelling a commercial fishing craft owned by a registered owner.
(2) Such a Co-operative Society may make payments to the registered owner of the engine to which the payment relates.
(3) The amount of any payment under subsection (1) shall be determined in accordance with the regulations.