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7.—(1) Subject to articles 5(2) and 5(3) and 8(1), if at any time after an aircraft has been registered in the Isle of Man an unqualified person becomes entitled to a legal or beneficial interest by way of ownership in the aircraft or in a share in the aircraft, the registration of the aircraft becomes void and the certificate of registration must be returned immediately by the registered owner to the Department.
(2) A person who is the registered owner of an aircraft registered in the Isle of Man must immediately inform the Department in writing of—
(a)a change in the information supplied to the Department when applying for the registration of the aircraft;
(b)the destruction of the aircraft, or its permanent withdrawal from use; or
(c)in the case of an aircraft registered under article 5(3), the termination of the charter by demise.
(3) A person who becomes the owner of an aircraft registered in the Isle of Man must within 28 days of becoming the owner inform the Department in writing to that effect.
(4) Subject to article 8(2), the Department may, whenever it appears necessary or appropriate in order to give effect to this Part or to bring up to date or otherwise correct the register, amend the register or cancel the registration of an aircraft.
(5) The Department must cancel the registration of an aircraft within two months of being satisfied that there has been a change in the ownership of the aircraft.
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