The Canal Corporation may cause to be seized and removed any object, article, float or sunken thing found within the limits of the canal system not under the care or charge of any person. The Canal Corporation shall sell, or offer for sale all seized objects, articles, floats or sunken things either before or after their removal, as the Canal Corporation deems essential for maintenance of the canal system. The sale shall be at public auction after giving 10 days'notice of such proposed sale conspicuously posted at two public places in the city or town where such object, article, float or sunken thing is found unless before the time of such sale the owner thereof appears and claims same and pays to the Canal Corporation the cost and expense which it has incurred in connection with the seizure, removal and proposed sale. The owner thereof shall be liable for the cost and expense of such seizure, removal and sale of the said object, article, float or sunken thing, which cost and expense may be recovered by the Canal Corporation in an appropriate action or proceeding brought in the name of the Canal Corporation in any court of competent jurisdiction. The avails of such sale shall be accounted for by the Canal Corporation which may, on the application of the owner and upon due proof of ownership, pay over such proceeds to the owner after deducting all costs, expenses and reasonable charges of the seizure, removal and sale thereof. Whenever, in the opinion of the Canal Corporation, the navigation or operation of any part of the canal system is interrupted or endangered, the Canal Corporation may cause to be cut up, destroyed or otherwise removed, any object, article, float or sunken thing in or partly in the waters of the canal system which may, in its judgment, be causing such interruption or damage. The Canal Corporation may enter into an agreement with the owner or owners of any property so cut up, destroyed or otherwise removed, covering the amount of damage sustained. Such agreement shall become an obligation of the Canal Corporation and paid from moneys available therefor. In case no agreement is consummated, the amount of damages sustained may be determined as provided in section 120 of the Canal Law.