(1) Subject to subsection (5), a historic shipwreck is a shipwreck that has been situated in Victorian waters—
(a) for 75 years or more; or
(b) for the number of years specified under proclamation under section 6 (a proclaimed number of years ).
(2) Subsection (1) applies whether or not the existence or location of the shipwreck is presently known.
(3) In addition but subject to subsection (5), a shipwreck that has been removed from Victorian waters at any time becomes a historic shipwreck —
(a) 75 years after the likely date that the shipwreck first came to rest on the sea-bed; or
(b) if there is a number of years specified under proclamation under section 6, the proclaimed number of years after the likely date the shipwreck first came to rest on the sea-bed.
(4) Subsection (3) does not apply to a shipwreck that has been salvaged or recovered if the salvage or recovery was not contrary to any law in force at the time it occurred.
(5) A shipwreck is not a historic shipwreck if it is—
(a) a shipwreck specified under proclamation under subsection (6); or
(b) a shipwreck of a class specified under proclamation under subsection (6).
(6) The Governor in Council, by proclamation published in the Government Gazette, may specify a shipwreck, or a shipwreck of a specified class, is not a historic shipwreck.