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United Nations Convention on the Law of the Sea
The rights over the sea were extended by the United Nations Convention on the Law of the Sea (UNCLOS) adopted in 1982. The UNCLOS conferred rights to the countries over the sea. The states were given rights up to 12 Nautical miles over the territorial sea, right of safe passage from air and sea above the territorial sea. Further the exclusive economic zone was extended up to 200 Nautical miles, giving rights over the resources within that area to the particular state. The continental shelf was also extended up to 350 Nautical miles. The law pertaining to sea states that the division between the two nations should be extended in the continuation of the line of direction. Therefore, the precedent followed relates to the passing of the rights to the coastal land to determine the extension of the sea. This gives the right to the State to exercise its sovereignty and title over the resources under the sea. The matter could be resolved but the implications and the complexities pertaining to it are enormous.
Approval of the scheme - mergers and winding up: A scheme of arrangement was agreed between Hambros and Hellenic whereby the shareholders of Hellenic were to have their shares
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