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1(1)The [1894 c. 60.] Merchant Shipping Act 1894 shall be amended as follows.
(2)Sections 544, 545 and 546 shall cease to have effect.
(3)In section 552(4), for “two hundred pounds” there shall be substituted “£5,000”.
(4)In section 555, after subsection (2), there shall be inserted the following subsection—
“(2A)Any decision by the receiver under subsection (2) above shall be made on the basis of the criteria contained in article 13 of the International Convention on Salvage, 1989 as set out in Part I of Schedule 1 to the Merchant Shipping (Salvage and Pollution) Act 1994.”
(5)In section 556, at the end, there shall be inserted the following paragraph— “Any decision by the court under the foregoing provisions of this section shall be made on the basis of the criteria contained in article 13 of the International Convention on Salvage, 1989 as set out in Part I of Schedule 1 to the Merchant Shipping (Salvage and Pollution) Act 1994.
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