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(1) A local industrial or semi-industrial fishing vessel is a fishing vessel

(a) owned or controlled by a citizen, the Government, or owned or controlled by a company or partnership registered by law in the Republic which has its principal place of business in the Republic and the share of which is beneficially owned wholly by the Government, a citizen, a public corporation established by law in the Republic or a combination of any of them, and

(b) in the case of a tuna fishing vessel, where at least fifty percent of the shares in the vessel is beneficially owned or controlled by the persons specified in paragraph (a), and

(c) registered in the Republic.

(2) A bare boat chartered by any of the persons specified in paragraph (a) of subsection (1) qualifies as a local industrial or semi-industrial fishing vessel.

(3) A fishing licence shalI not be issued for a vessel unless

(a) in respect of a local industrial or semi-industrial fishing vessel required to be registered under the Ghana Shipping Act, 2003 (Act 645) the vessel has been so registered; and

(b) the Council is satisfied that the vessel is seaworthy and fit for the purpose of fishing and conforms with the requirements that are applicable to the vessel under an enactment in force including requirement on navigation and safety  equipment.