s 157 Immediate sale of wreck by receiver in certain cases
157.—(1) A receiver may at any time sell any wreck in his or her custody, if in his or her opinion —(a)
it is under the value of $1,000;
(b)
it is so much damaged or of so perishable a nature that it cannot with advantage be kept; or
(c)
it is not of sufficient value to pay for warehousing.
(2) The proceeds of the sale must, after defraying the expenses thereof, 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.
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