(1) Where the property in a registered ship or share therein is transmitted on bankruptcy, death or otherwise to a person not qualified to own a Saint Lucian ship, the High Court may, on application by or on behalf of that person, order a sale of the property so transmitted, and direct that the proceeds of the sale after deducting therefrom the expenses incurred on the sale, be paid to the person entitled under the transmission or otherwise as the Court may direct.