You are looking at a law about what happens to a wreck if someone does not pay for it. This law used to say that a receiver could sell the wreck if the payment was not made. The law was repealed, which means it is no longer in effect, and this happened on 16 October 2003 due to the Maritime Transport Amendment Act 1999, which can be found at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM30571.