Long Title

Enacting Formula

Amendment of section 13S
7.  Section 13S of the principal Act is amended —
(a)
by deleting the words “28th February 2011” in subsection (2) and substituting the words “31st March 2016”;
(b)
by deleting subsection (3) and substituting the following subsection:
(3)  The approval under subsection (2) shall be subject to such conditions as the Minister may specify, and shall —
(a)
where the approval is granted during the period between 1st March 2006 and 28th February 2011, be for such period not exceeding 10 years, as the Minister may specify; and
(b)
where the approval is granted during the period between 1st March 2011 and 31st March 2016, be for such period not exceeding 5 years, as the Minister may specify,
except that the Minister may extend the period so specified for such further periods as he thinks fit.”; and
(c)
by inserting, immediately after subsection (19), the following subsection:
(19A)  In this section, a reference to the leasing of a sea-going ship by a shipping investment enterprise approved on or after 1st March 2011 excludes the leasing of a sea-going ship which has been treated as though it had been sold pursuant to regulations made under section 10D(1).”.