Application of sale-proceeds

Infrastructure1924119 of 119 sections available

Statutory text

(1) The proceeds of every such sale shall be applied as follows:-
- (a) in payment of the expenses of the sale;
- (b) in payment, according to their respective priorities of the liens and claims excepted in section 56 from the priority of the lien of the Board;
- (c) in payment of the rates and expenses of landing, removing, storing or warehousing the same.
(2) The surplus, if any, shall be paid to the importer, owner or consignee of the goods, or to his agents, on his applying for the same; provided such application be made within one year from the sale, or reason be shown to the satisfaction of the Board why such application was not so made; and, in case such application shall not be so made or reason shown, such surplus shall be held by the Board upon trust for the purposes of this Act.

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