Commercial Maritime Law
Art. 42Status unknownSaudi ArabiaRegulation
Issued by Ministry of Investment (misa.gov.sa)
1. If a co-owner sells his share in the vessel to a person who is not a co-owner,
he shall notify the co-owners in writing of such sale and the price agreed
upon.
2. A co-owner may redeem the sold share provided that he notifies both the
seller and buyer, and pays the price and costs within 15 days from the date
of notification provided for in paragraph (1) of this Article.
3. If more than one co-owner requests redemption of the sold share, such share
shall be divided among them in proportion to their shares, unless agreed
otherwise.
The Arabic text is the legally binding version. The English translation is provided for guidance only.
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