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within its territory, in accordance with its laws and
regulations.
2.
Where the shipowning company or a subsidiary
shipowning company or the principal place of business of the
shipowning company is not established in the flag State, the latter shall] [should] ensure, before entering a ship in its register of ships, that there is a representative or management person who shall be a national of the flag State
or be domiciled therein. This representative or management person may be either a natural or juridical person duly
established or incorporated in the flag State, as the case
may be, in accordance with its laws and regulations, and is duly empowered to act on the shipowner's behalf and
account. In particular, this representative or management person should be available for any legal process and to meet
the shipowner's responsibilities in accordance with the laws
and the regulations of the State of registration.
3.
The State of registration shall] [should] [ensure] [assure itself] that the person or persons accountable for the management and operation of a ship
flying its flag are in a position to meet the financial
obligations that may arise from the operation of such ship. To this end, the State of registration ishall/should] Lensure/assure itself] that ships flying its flag are in a