Disposal of proceeds of sale of materials of demolished building and recovery of expenses

49.

1. (1) Where the materials of any building demolished by the prescribed authority, under section 10, 13 or 48 are sold the prescribed authority shall apply the proceeds of such sale in or towards payment of the expenses incurred by that authority under that section and pay any surplus accruing from such sale to the owner or other person entitled thereto, on demand made within twelve months from the date of sale. If no such demand is made, such surplus shall be deposited with the State Government or any other authority specified