(1) Every ship which is wholly owned by an Irish citizen or an Irish body corporate shall be registered under this Act, unless she is a ship exempt under subsection (2) of this section from the obligation to register under this Act.

(2) The following ships shall be exempt from the obligation to register under this Act but may be so registered: -

(a) ships not exceeding fifteen net register tons burden employed solely in navigation on the rivers, canals, lakes or coasts of Ireland, Great Britain, the Channel Islands and the Isle of Man;

(b) ships acquired before the date of the passing of this Act;

(c) ships in respect of which the Minister has, under section 21 of this Act, consented to registry under the law of another country;

(d) ships owned by Irish citizens not ordinarily resident in the State;

(e) a sea-fishing boat of less than 15 metres in length overall and required to be registered in the Register of Fishing Boats maintained under section 74 of the Sea-Fisheries and Maritime Jurisdiction Act 2006 or exempt from such registration by regulations under section 76 of that Act.