[...]
(6) Subsection (4) does not apply where the disposition referred to therein was of a vessel that was an eligible ship in respect of which a subsidy was not claimed, was not paid by reason of the use of the proceeds of a disposition described in paragraph (5)(b), or was reduced to that proportion of the proceeds of disposition of the eligible vessel that the proceeds of disposition described in paragraph 5(b) that were used in the eligible vessel in a manner satisfactory to the Canadian Transport Commission under paragraph (1)(a) or paragraph 4(1)(c) of the Canadian Vessel Construction Assistance Act chapter 43 of the Revised Statutes of Canada, 1952, are of the cost of the eligible vessel.
2 In these Regulations,
vessel means
(a) a vessel that is
(i) customarily engaged in the transportation of goods or passengers,