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arrangements made by leasing companies and other owners would fit in to the proposed criteria for ships to be
registered in Hong Kong.
3.20.
The Hong Kong Shipowners Association (HKSOA) in
their response to the CD suggested
3.21.
"The chartering of vessels to foreign
shipowners by leasing companies established in Hong Kong by financial bareboat charterparties should not result in the foreign shipowners being entitled to fly the Hong Kong flag."
They did, however, suggest that
"An exception could be made in respect of
any ship owned by a Hong Kong company, which is
chartered by demise to a non-resident of Hong
Kong, if the company is genuinely managed or controlled by residents of Hong Kong."
By this we understand that HKSOA to mean that the equity interests of the company chartering the ship should be held in the majority by persons ordinarily resident in Hong Kong. Although, it can be appreciated that they may