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(1) The receiver may at any time sell any wreck in the receiver's custody, if in the receiver's opinion it

(a) is under the value of the cedi equivalent of US$2,500,

(b) is so damaged or of such perishable nature that it cannot be kept without it losing its value;

(c) is not of sufficient value to pay for storage; or

(d) has not been removed within a time specified by the owner.

(2) The proceeds of any sale made under subsection (1) shall, after defraying the expenses be held by the receiver for the same purposes, and be subject to the same claim, rights and liabilities as if the wreck had remained unsold.