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.
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