Merchant Shipping (Salvage and Wreck) Act, 1993

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Immediate sale of wreck by receiver in certain cases.

47.—(1) Any wreck in the possession of a receiver may, with the prior agreement of the Director of the National Museum, at any time be sold if, in the receiver's opinion—

(a) it is under the value of £5,000, or

(b) it is so much damaged or of so perishable or volatile a nature that it cannot with advantage or safety be kept, or

(c) it is not of sufficient value to pay for storage.

(2) The proceeds of sale shall, after defraying the expenses of the sale, be held by the receiver for the same purposes and subject to the same claims, rights and liabilities as if the wreck had remained unsold.