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Restriction οn transfer or mortgage.
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10.—(1) A person shall not transfer or mortgage, or transfer any mortgage of, any Irish ship or any share in an Irish ship unless—
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(a) the transaction is approved of by the Minister, or
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(b) the transaction is a transaction declared by regulations under subsection (3) of this section to be an excepted transaction for the purposes of this section.
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(2) If an instrument is executed which purports to be a transfer, mortgage or transfer of a mortgage of an Irish ship or a share therein and the transaction to which the instrument relates is neither approved of by the Minister nor a transaction declared by regulations under subsection (3) of this section to be an excepted transaction for the purposes of this section, the instrument shall be void.
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(3) The Minister may by regulations declare that a transaction which—
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(a) is a transfer, mortgage or transfer of a mortgage in which both the transferor or mortgagor and the transferee or mortgagee is one or more than one of the following:
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(i) a person ordinarily resident in the State,
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(ii) a company incorporated in the State, or
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(b) is a transfer, mortgage or transfer of a mortgage of a ship of a specified class or any share therein,
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shall be an excepted transaction for the purposes of this section.
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