1961Section 115VB
115VB. Operating ships.
For the purposes of this Chapter, a company shall be regarded as operating a ship if it operates any ship 38[or inland vessel, as the case may be,] whether owned or chartered by it and includes a case where even a part of the ship 38[or inland vessel, as the case may be,] has been chartered in by it in an arrangement such as slot charter, space charter or joint charter :
Provided that a company shall not be regarded as the operator of a ship 38[or inland vessel, as the case may be,] which has been chartered out by it on bareboat charter-cum-demise terms or on bareboat charter terms for a period exceeding three years.