private yacht "private yacht" means a yacht in private use solely for the sports, pleasure or recreation of the owner, and for the purpose of this definition "owner" includes — (a) where the owner is an individual, his immediate family members and friends; or (b) where the owner is any other entity, its officers, shareholders or other beneficial owners, beneficiaries or members, and their immediate family members and friends; ACT 630 - LANGKAWI INTERNATIONAL YACHT REGISTRY ACT 2003 2. Interpretation.
private yacht "private yacht" means a yacht in private use solely for the sports, pleasure or recreation of the owner, and for the purpose of this definition "owner" includes — (a) where the owner is an individual, his immediate family members and friends; (b) where the owner is any other entity, its officers, shareholders or other beneficial owners, beneficiaries or members, and their immediate family members and friends; (c) a lessee or charterer; [Ins. Act A1249] ACT 630 - LANGKAWI INTERNATIONAL YACHT REGISTRY ACT 2003 2. Interpretation.