(1) The Principal Act is amended -

(a) in section 697A(1) -

(i) in the definition of "qualifying ship", by substituting the following for paragraph (b):

"(b) a vessel, other than a vessel operated for bona fide commercial purposes and with an overnight passenger capacity (not including crew) of not less than 50 persons, of a kind whose primary use is for the purposes of sport or recreation,",

and

(ii) by deleting the definition of "75 per cent limit",

(b) in section 697D(3), by substituting "section 697F" for "section 697E and 697F",

(c) by deleting section 697E,

(d) in section 697G, by substituting "section 697F" for "section 697E or 697F",

(e) in section 697H(1), by deleting paragraph (c), and

(f) in Schedule 18B -

(i) by substituting the following for paragraph 1:

"Method of making and giving effect to an election

1.