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120.—(1) Subject to paragraph (2) any application for registration of a ship or small ship which is made, but not completed, prior to the commencement of these Regulations shall be completed in accordance with these regulations.
(2) Where:—
(a)an application for registration of a ship or small ship is made, but not completed, prior to the commencement of these regulations, and
(b)the operation of paragraph (1) would render the ship or small ship ineligible for registration,
then the application shall be determined in accordance with the relevant legislation under which the application was made.
(3) An application shall be deemed to have been made when a properly completed application, accompanied by the proper fee, is received by a registrar of British ships in a port of registration.
(4) Where, for any reason the fee is not a proper and valid fee, or where the cheque used to pay a fee is returned by the bank on which it is drawn, then the application shall not be deemed to have been made.
(5) Any certificate of registry which is issued in accordance with this regulation shall be valid for a period of five years and shall contain the information contained in Schedule 5.
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