Where a receiver takes possession of any wreck, the receiver shall within 48 hours—
(a) cause to be posted at the nearest police station, and otherwise published in such manner as the receiver may deem fit, a description of the wreck and of any marks by which the wreck is distinguished; and
(b) if in his or her opinion the value of the wreck exceeds $1,000, send a copy of such description to the Director.