(1) The receiver may sell any vessel, aircraft, cargo, apparel or wreck detained by the receiver under section 397, where the person liable to pay for the salvage in respect of which the property is detained is aware of the detention, in the following circumstances

(a) where the amount is not disputed and payment of the amount due is not made within thirty days after it has become due,

(b) where the amount is disputed but no appeal lies from the decision of the court to which the dispute was referred, and payment is not made within thirty days after the decision of the court, or

(c) where the amount is disputed after a decision has been given by a court and payment is not made within thirty days or proceedings are not commenced for obtaining leave to appeal.

(2) The proceeds of sale of any vessel, aircraft, cargo, apparel or wreck shall, after deduction of the costs of the sale, be applied by the receiver in payment of the costs of salvage.

(3) The balance of the proceeds shall be paid to the owners of the property, or any other person entitled to the proceeds or in the absence of any such owners or person, to the Authority.