38. (1) Where by reason of the transmission of any property in a ship or a share therein on death, insolvency or otherwise, a ship ceases to be a Bangladesh ship, the Registrar of her port of registry shall submit a report to the Government setting out the circumstances in which the ship has ceased to be a Bangladesh ship. (2) On receipt of a report under sub section (1), the Government may make an application to the High Court Division for a direction for the sale to any citizen of Bangladesh, or to any company which fulfils the conditions set out in sub clause (b) of clause (3) of section 2, of the property so transmitted. (3) The High Court Division may require such evidence in support of the application as it considers necessary and may make such order thereon subject to such terms and conditions, if any, as it thinks just, or may reject the application in any case it finds that the ship has not ceased to be a Bangladesh ship; and in case the ship or the share is ordered to be sold, it shall direct that the proceeds of the sale, after deducting the expenses thereof, be paid to the person entitled under such transmission or otherwise. (4) An application under sub section (2) shall be made within such time as may be prescribed: Provided that the High Court Division may admit an application after the prescribed time if it is satisfied that the Government had sufficient cause for not making the application within such time.