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Does anyone know what a 64/64th ownership


moggyjo

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Someone I know has said on the deeds of their boat, it says they own 64/64th of boat and blow me someone else has said they own 1/64th of the boat they live on.

Has anyone got any idea what this means please? :lol:

 

Wendy

 

Hi Wendy,

 

64/64th's means you own the whole boat! (Or at least that was how it was explained to me). Apparently this is just the convention used in boating. I would imagine the 1/64th is wrong?

 

Regards

 

Peter

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Hi Wendy,

 

64/64th's means you own the whole boat! (Or at least that was how it was explained to me). Apparently this is just the convention used in boating. I would imagine the 1/64th is wrong?

 

Regards

 

Peter

could it maybe be THE 64th share OF 64 which maybe has some sort of time of year allocation?

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We've just come across this after launching a boat share scheme. Our marine solicitor has informed us that legally you cannot sell a 12th share of a boat. In terms of the law a vessel is divided into 64 shares (dont ask me why) therefore if twelve owners purchased the boat each would in fact own 5/64th of the boat with the remaining 4 shares held in trust. This is how we're planning to sell our boat, not too sure how the big players sell their boats though.

 

Just.

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We've just come across this after launching a boat share scheme. Our marine solicitor has informed us that legally you cannot sell a 12th share of a boat. In terms of the law a vessel is divided into 64 shares (dont ask me why) therefore if twelve owners purchased the boat each would in fact own 5/64th of the boat with the remaining 4 shares held in trust. This is how we're planning to sell our boat, not too sure how the big players sell their boats though.

 

Just.

 

I wonder whether that really applies to canal boats, unless they are registered ships?

 

This link gives some info on the history of the practice

 

http://www.lr.org/NR/rdonlyres/FB72E753-5D...fo2564Shares.pd

 

Tim

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We've just come across this after launching a boat share scheme. Our marine solicitor has informed us that legally you cannot sell a 12th share of a boat. In terms of the law a vessel is divided into 64 shares (dont ask me why) therefore if twelve owners purchased the boat each would in fact own 5/64th of the boat with the remaining 4 shares held in trust. This is how we're planning to sell our boat, not too sure how the big players sell their boats though.

 

Just.

 

OwnerShips sell shares in twelfths and the owners own the boat (no part kept by OwnerShips or a trust). Challenger, on the other hand, seemed to retain 4/100ths of each boat they sold shares in. The fact that part of the boat was owned by a company (and had the company name on the side) prevented the Challenger boats enjoying a private licence and they were, I believe licenced as "business". The fact that the owners did not between them own the boat outright caused a few panics among owners when Challenger went belly up earler in the year.

The boat being divided into 64ths is not a sea going boat "thing" perhaps?

 

Haggis

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64 shares relates to registered boats. You have to register the ownership in terms of 64ths. Therefore full ownership is 64/64 if owned jointly by two people in equal shares the registration certificate would show each owning 32 shares etc etc.

 

But registered where? Are canal boats registered? I know they are licenced, is this the same thing? I have heard of the small ships register but I thought that narrow boats didn't get regsitered there.

 

Puzzled, haggis.

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Someone I know has said on the deeds of their boat, it says they own 64/64th of boat and blow me someone else has said they own 1/64th of the boat they live on.

Has anyone got any idea what this means please? :lol:

 

Wendy

This relates to the registration of British ships as follows:-

 

Statutory Instrument 1993 No. 3138

The Merchant Shipping (Registration of Ships) Regulations 1993 - continued

 

--------------------------------------------------------------------------------

 

 

 

 

PART II

 

 

THE REGISTER OF BRITISH SHIPS IN THE UNITED KINGDOM

The Register

2.—(1) The Register maintained by the Registrar in accordance with section 1(1) and (2) of the Act shall be divided into the following parts:—

(a) Part I for ships, owned by persons qualified in accordance with these regulations, which are not:

(i) fishing vessels, or

(ii) registered on that Part which is restricted to small ships,

(:lol: Part II for fishing vessels,

© Part III for small ships, and

(d) Part IV for ships which are registered under section 7 of the Act (‘bareboat charter ships’).

 

(2) The Register may consist of both paper and computerised records and such other records as the Secretary of State may consider to be expedient.

 

(3) Any person shall be entitled on application to the Registrar to obtain a transcript, certified by an authorised officer, of the entries in the Register.

 

(4) During the official opening hours of the General Registry of Shipping and Seamen any person shall be entitled on request to inspect the entries in the Register.

 

(5) Entries in the Register shall be made in accordance with the following provisions:—

(a) the property in a ship shall be divided into sixty-four shares;

(:lol: subject to the provisions of the Act and these Regulations with respect to joint owners or owners by transmission, not more than sixty-four persons shall be entitled to be registered at the same time as owners of any one ship.This rule shall not affect the beneficial title of any persons represented by or claiming under or through any registered owner or joint owner;

© a person shall not be entitled to be registered as owner of a part of a share; but any number of persons not exceeding five may be registered as joint owners of a ship or of any share or shares in a ship;

(d) joint owners shall be considered as constituting one person only as regards the persons entitled to be registered, and shall not be entitled to dispose in severalty of any interest in a ship, or in any share in a ship in respect of which they are registered........

 

Pleasure vessels, including narrow boats can be registered under this act for marine mortgages but more usually use the Small Ships Register.

 

HTH

 

Howard Anguish

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Someone I know has said on the deeds of their boat, it says they own 64/64th of boat and blow me someone else has said they own 1/64th of the boat they live on.

Has anyone got any idea what this means please? :lol:

 

Wendy

 

A registered vessel is divided into 64ths and is possibly attributed, to the fact that ships traditionally had 64 ribs or the fact that under Queen Victoria ship owners were taxed 36% and left with the remaining 64%.

 

Therefore owning the 64 shares equates to owning the whole vessel.

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But registered where? Are canal boats registered? I know they are licenced, is this the same thing? I have heard of the small ships register but I thought that narrow boats didn't get regsitered there.

 

Puzzled, haggis.

Canal boats can be registered at: Registrar General of Shipping & Seaman

Registry of British Ships

PO Box 165

Cardiff CF4 5FU

They will be measured for tonnage both Gross and Registered and and the cost is about £250/-

Cheers

Dalesman

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Canal boats can be registered at: Registrar General of Shipping & Seaman

Registry of British Ships

PO Box 165

Cardiff CF4 5FU

They will be measured for tonnage both Gross and Registered and and the cost is about £250/-

Cheers

Dalesman

Thank you, Howard and Dalesman for explaining about registering ships and the 64 shares. You learn a little something every day :lol:

 

Haggis

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It's one of those old conventions that still carries on today - it is still used by many on the Maritime and Coastguard Agency Bills of Sale document that many brokers employ. It's also well explained above. There is no legal requirement to record it as 64/64 though. I don't on my Bills of Sale, and they are readily accepted by Marine Finance houses as legitimate ownership documents.

 

We've just come across this after launching a boat share scheme. Our marine solicitor has informed us that legally you cannot sell a 12th share of a boat. In terms of the law a vessel is divided into 64 shares (dont ask me why) therefore if twelve owners purchased the boat each would in fact own 5/64th of the boat with the remaining 4 shares held in trust. This is how we're planning to sell our boat, not too sure how the big players sell their boats though.

 

Just.

 

I'm not sure that is correct. There are many shared ownership boats where there are 12 parties who own 100% of the craft. If the agreement is clearly drafted then there is no problem with that.

Edited by Dominic M
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Notwithstanding what has already been said, I wonder if the 64 shares comes from a time when it wasn't uncommon for many townspeople

to take a share in a ship venture.

The ship would be bought by the local traders in the town, who would have a number of shares each. The ship would then go forth

and try to trade profitably. In many cases, the ships were lost in storms and the investments went down with them.

 

Related to a copper bottomed investment.

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