The purpose of this Act is to prescribe matters concerning the construction, registration, equipment, inspection of fishing vessels, and matters concerning investigations and research, thereby securing the efficient management and safety of fishing vessels, and contributing to the advancement of fish harvesting capacity and enhancing the growth of fisheries by promoting improvement in the functions of fishing vessels. The text consists of 53 sections divided into 9 Chapters as follows: General provisions (I); Building of fishing vessels (II); Registration of fishing vessels (IV); Deleted (V); Research and development of fishing vessels (VI); Deleted (VII); Supplementary provisions (VIII); Penal provisions (IX).
The Act regulates essential technical and operational requirements, mandating specific equipment allocations, safety certifications, stability maintenance, and load line markings for vessels meeting size thresholds. It defines distinct administrative protocols for measuring gross tonnage and establishes a formal trading and brokerage system to ensure transparency in vessel transactions. Municipal and ministerial authorities shall oversee registration processing, conduct regular vessel surveys, and handle business closures. Non-compliance with mandatory registration, safety regulations, or brokerage requirements results in specific administrative fines, business suspensions, or criminal imprisonment.