Vesting of property

(1) Where an order of confiscation of any materials, tools and conveyance has become final, such materials or a portion thereof, including the tools, vehicles, vessels and other conveyances, as the case may be, shall vest in the Board free from all encumbrances and the "GRIDCO" after fixing a reasonable valuation of the property, may dispose of the same in such manner as it deems proper. (2) Where in a prosecution under section 3 of this Act, the person concerned is acquitted on a finding that he was in lawful possession of the seized property, he will be entitled to be refunded the value or price fixed under sub-section (1) or the actual disposal price, whichever is higher, from the "GRIDCO".