Canada Shipping Act, 2001

Marginal note:When wreck may be disposed of

• 160 (1) A receiver of wreck may dispose of or destroy wreck, or authorize its disposition or destruction,

  • (a) after 90 days following the date that the wreck was reported under paragraph 155(1)(a); or

  • (b) at any time if, in the receiver’s opinion, the value of the wreck is less than $5,000, the storage costs would likely exceed the value of the wreck or the wreck is perishable or poses a threat to public health or safety.

• Marginal note:Proceeds held by receiver of wreck

  (2) The proceeds, if any, of a disposition under paragraph (1)(b) must be held by the receiver of wreck for not less than 90 days after the date that the wreck was reported under paragraph 155(1)(a).

• Marginal note:Payment to CRF

  (3) The proceeds of a disposition under subsection (1) must be paid, less the salvage award, fees and expenses, to the Receiver General, to form part of the Consolidated Revenue Fund

  • (a) if no claim has been submitted in accordance with paragraph 158(a); or

  • (b) if a claim has not been established within the period that the receiver of wreck considers appropriate.