Jurisdiction:
The Act mandates that any position that the person finding
and taking possession of wreck shall as soon as practicable, if
he is the owner of the wreck give notice to thereof to the
receiver stating the distinguishing marks and if is not the
owner deliver the same to the receiver[Sec395].The receiver
in turn after taking possession of the wreck should punish a
notification containing a description of wreck and time and
place where it was found[Sec 397].Though certain penalties
are laid down in the Act for violating the notice requirement,
fine of paltry sum of 1000 rupees is not adequate to meet the
consequence arising from a wreck or even a twice the value
of wreck for the matter may prove a inadequate[Sec346(117
to 120(b)]
With reference to the claims of the owner of wreck to the
satisfaction of the receiver within one year of wreck coming
into the possession of the receiver, he shall be entitled to
have the wreck or the proceeds thereof to delivered to him
upon his paying the salvage and other charges[Sec
399(1)].Obviously the receiver satisfaction has to be
objectively arrived at after due process and complying with
the principle of natural justice.