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position to provide at all times documents evidencing that
an adequate guarantee, such as appropriate insurance or any
other equivalent means has been arranged to cover normally insurable risks in respect of damage to third parties.
Furthermore the State of registration Ishall/should]
[ ensure/assure itself) that an appropriate mechanism, such
as a mutual fund, wage insurance, social security scheme or
any other equivalent guarantee provided by a governmental
agency of the State of the accountable person, whether that
person is an owner or operator, exists to cover wages and related monies owed to seafarers employed on ships flying its flag in the event of default of payment by their
employers. The State of registration may also provide in
its laws and regulations for any other appropriate mechanism
to that effect in its laws and regulations.
1.
Article 8]
OWNERSHIP OF SHIPS
The flag State [shall] should provide in its
laws and regulations for the ownership of ships flying its
flag.
2.
In such laws and regulations the flag State
Ishall] [should] include appropriate provisions for
participation by its nationals as owners of the ships flying its flag and for the level of such participation and they