Malaysia legislation
Section 31
Section 31
Transfer of yacht or share
(1)
Any transfer of a Langkawi yacht or a share in the yacht shall be effected by a bill of sale which complies with the prescribed requirements.
(2)
Where a Langkawi yacht or a share in the yacht has been transferred in accordance with subsection (1), the transferee shall not be registered as the owner of the yacht or the share in the yacht unless—
(a)
he has made the prescribed application to the Director
General; and
(b)
the Director General is satisfied that the yacht or the share in the yacht continues to be owned to the prescribed extent by a person who is qualified to own a yacht or a share in the yacht under this Act, and that no other grounds exist on which the registration of the yacht or the share in the yacht may be refused under this Act.
(3)
If an application under subsection (2) is approved by the
Director General, he shall register the transferee as the owner of the yacht or the share in the yacht.
(4)
Bills of sale in respect of a Langkawi yacht or a share in the yacht shall be entered in the Yachts Register in the order in which they are produced to the Director General.