Section 26: Citizenship requirement for ship financing.

(1) In the case of ship mortgage or ship financing by financial institutions a vessel would be eligible for registration under this Act where the following requirements are satisfied-
(a) the vessel shall be under charter for a term not less than three years ; and
(b) the charterer or mortgagee shall meet the citizenship requirement for operating
vessels in the domestic coastal trade under Parts II and IV of this Act;
(2) In addition to the requirements under subsection (1), the charterer or mortgagee shall before registration produce an affidavit sworn to by the financial institutions in a court of superior records certifying that the financial institutions interest is solely and primarily a financial investment without the ability and intent to contract the vessel's operation to a non-citizen and that it does not derive a majority of its aggregate revenue from the operation or management of the vessel.