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4.—(1) Where any person—
(a)was immediately before 21st March 1994 qualified to be an owner of a British ship and, as such, was the owner or one of the owners of, or of a majority interest in, a ship registered under Part I of the 1894 Act or under section 5 of the Merchant Shipping Act 1983(1) (registration of small ships); but
(b)as from that date is, in consequence of regulations made under sections 2 and 3 of the 1993 Act, no longer a person qualified to be an owner of a British ship,
he shall nevertheless be treated as a person so qualified for the purposes specified in sub-paragraph (2) below.
(2) Those purposes are—
(a)the continuation in force and renewal of the ship’s registration under registration regulations made under the 1993 Act;
(b)so long as that registration continues in force, any other purposes of any statutory provision so far as having effect in relation to the ship.