(1) The Government may by order declare a particular state to be a reciprocating state if they are of opinion that it would be in the national interest so to do, and if they are satisfied that Irish citizens and Irish bodies corporate are entitled, under the laws of that state, to own a ship or a share in a ship having the nationality of that state.

(2) So long as an order under subsection (1) of this section is in force in respect of a particular state, the following persons -

(a) citizens, subjects or nationals of that state, entitled under the laws thereof to own a ship having nationality of that state, and

(b) bodies corporate established under and subject to the laws of that state, and having their principal place of business therein,

shall be qualified to own a registered ship or a share therein, and any ship wholly owned by one or more of such persons may be registered under this Act.

(2A) Notwithstanding subsection (2) of this section, the Government may by order provide that the citizens, subjects or nationals of a state declared under subsection (1) of this section to be a reciprocating state or bodies corporate established under and subject to the laws of that state shall -