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(1) Where a registered ship or a share in it is transferred, the transferee shall not be entitled to be registered as owner until the transferee, or, in the case of a body corporate, the person authorized by this Act to make declarations on behalf of the body corporate has made and signed a declaration that refers to the ship and contains a statement of the qualifications of the transferee to own a Ghanaian ship.

(2) Where the transferee is a body corporate, the nature of its business shall be a condition for it to be qualified to own a Ghanaian ship.