44Sale of vessel or wreck by port operator

44 Sale of vessel or wreck by port operator fittings or equipment from on board a vessel, hull or hulk, (the property) is sold by a port operator under section 40C, 41 or 42. (2) The purchaser of the property holds title to the property free of any interest existing in it before the sale. (3) The proceeds of the sale must be paid as follows: (a) first – in payment of the costs of the sale; (b) second – in payment of the costs incurred by the port operator for the removal or storage of, or repairs to, the property; (c) third – in payment of the costs incurred by the port operator for giving notice to a person about the proposed sale; (d) fourth – to the Accountable Officer for payment into the Accountable Officer's Trust Account. (4) Within 14 days after selling the property, the port operator must prepare a record of the following particulars: (a) a description of the property; (b) the date and means of giving notice of intention to sell the (c) the name and address of any person to whom the notice was given; (d) the date of sale;

Ports Management Act 2015 43 (e) the name and address of the purchaser; (f) the sale price; (g) the amount retained by the port operator to cover the costs mentioned in subsection (3)(a), (b) and (c); (h) if the property was sold by public auction – the name and address of the principal place of business of the auctioneer who sold the property; (i) if applicable – the amount of the balance of the proceeds of sale paid to the Accountable Officer and the date of payment. (5) The port operator must: (a) retain the record required under subsection (4) for 3 years from the date of sale; and (b) make the record available on request by any of the following: (i) the owner of the property; (ii) any other person claiming to have an interest in the (iii) the Commissioner of Police; (iv) an authorised officer as defined in section 4(1) of the Consumer Affairs and Fair Trading Act 1990; (v) the Accountable Officer. (6) Within 28 days after the sale, the port operator must: (a) make the payment mentioned in subsection (3)(d); and (b) give the Accountable Officer a copy of the record required under subsection (4). (7) The port operator commits an offence if the port operator fails to comply with a requirement under subsection (4), (5) or (6). (8) An offence against subsection (7) is an offence of strict liability.

Ports Management Act 2015 44 (9) If satisfied a person had an interest in the property before the sale, the Accountable Officer must pay to that person out of the Accountable Officer's Trust Account: (a) an amount equivalent to that person's interest in the property; or (b) if the person's interest in the property expressed as a monetary amount exceeds the balance of the proceeds of sale – the balance of the proceeds of sale. (10) A person claiming an interest in the property under subsection (9) must apply to the Accountable Officer within 3 years after the sale. (11) The Accountable Officer is not liable to make any further payment for the property if the balance of the proceeds of sale of the property has been paid under subsection (9)(b). (12) Subsection (11) does not prevent a person making a claim against the person to whom the Accountable Officer has paid the balance of the proceeds of sale. (13) Proceeds from the sale of the property that have remained unclaimed for 3 years must be paid into the Central Holding (14) In this section: Accountable Officer means the Accountable Officer, as defined in section 3(1) of the Financial Management Act 1995, for the Agency. Accountable Officer's Trust Account, see section 3(1) of the Financial Management Act 1995.