76.— When a vessel raised under this Part is no longer required for the purposes referred to in section 75 for which it was raised—

(a) the relevant party shall notify the owner of the vessel of the location of the vessel and allow a period of 28 days in which the owner may reclaim and collect the vessel, and

(b) where the owner does not wish to reclaim and collect the vessel, or in the absence of a response within the specified time period, the relevant party may dispose of the vessel by sale or otherwise.