391Beneficial owners subject to pecuniary penalties

#### 391 Beneficial owners subject to pecuniary penalties (1) Where a person has a beneficial interest (including an equitable interest arising under contract or otherwise) in a ship, or a share in a ship, registered in the name of another person as owner, the person so interested is, as well as the registered owner, subject to any pecuniary penalty imposed by this Act on the owner of the ship and proceedings may be taken for the enforcement of the penalty against the registered owner or the person so interested, or both of them, with or without joining them. (2) A person who has an interest in a ship, or a share in a ship, which arose by way of mortgage shall, for the purposes of subsection (1), be deemed not to have a beneficial interest in the ship or in that share in the ship unless he or she is in possession of the ship.