5Ships.
(1)Subject to the provisions of this section, the Board may make to any person carrying on a business in Great Britain a grant towards approved capital expenditure incurred by that person in providing a new ship for use, whether or not in Great Britain, for the purposes of that business or in converting a ship for such use.
(2)Subject to the provisions of this section, the Board may make to any person carrying on a business in Great Britain a grant towards approved capital expenditure incurred by that person in providing a new part for a ship which is or is to be used as mentioned in subsection (1) of this section.
(3)No grant shall be made under this section in respect of a ship, or of the provision of a part for a ship, which—
(a)is not registered in the United Kingdom under Part I of the [1894 c. 60.] Merchant Shipping Act 1894 ; or
(b)is of less than one hundred tons gross tonnage or is not self-propelled;
and no such grant shall be made in respect of a ship, or of the provision of a part for a ship, which is or is to be used for sea fishing.
(4)No grant shall be made under this section to—
(a)an individual who is not both a citizen of the United Kingdom and Colonies and ordinarily resident in Great Britain;
(b)a body corporate which is not incorporated and resident in Great Britain.
(5)A grant may be made under this section in respect of a ship under construction if it appears to the Board that the requirements of the foregoing provisions of this section will be satisfied as respects that ship when it is completed.
(6)Subject to any order under secton 7 of this Act, the amount of any grant under this section shall be twenty per cent. of the expenditure in respect of which it is made.
(7)The reference in subsection (1) of this section to providing a ship does not include a reference to providing it by chartering it from another person.