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Bareboat Charter Registration into the RMI Flag
Where the laws of both States permit, a vessel registered in another State can be bareboat charter registered under the RMI flag, giving it the right to fly the RMI flag as provided in Sections 260-264 of the Maritime Act. RMI law will apply to all aspects of the vessel’s operation, navigation, and management during this period of bareboat charter registry. The law of the State of underlying registry (not RMI), however, shall apply to the vessel’s mortgage or financing charter and related recorded instruments, in accordance with Section 264 of the Maritime Act. During the period of bareboat charter registration under the RMI flag, the vessel may not fly any flag other than that of the RMI, nor show any home port other than Majuro.
Link:
MI-242BCR – Requirements for Bareboat Charter Registration
Bareboat Registry in a Foreign State
Bareboat charter registration under the flag of a foreign State of a vessel registered in the RMI is governed by Sections 270-274 of the Maritime Act. Under these Sections, all preferred ship mortgages and financing charters recorded in the RMI remain in full force and effect, and are governed exclusively by RMI law during the period of bareboat charter registration in the foreign State.
Link:
MI-242FBCR – Requirements for Foreign Bareboat Charter Registration
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