|
|
Consequences of a forfeiture order.
|
3.—(1) Whenever the Minister by an order made under this Act declares any property to be forfeited to the State, such property shall forthwith become and be forfeited to the State, and thereupon such of the following provisions as are applicable shall have effect, that is to say:—
|
|
| |
(a) such property, if and in so far as it consists of a chattel (including a mechanically propelled vehicle but excluding money), may be used for the purposes of the State or be sold or otherwise disposed of for the benefit of the Exchequer in such manner as the Minister for Finance shall direct or may, with the consent of the Minister for Finance, be destroyed;
|
|
| |
(b) such property, if and in so far as it consists of money, shall be delivered to the Minister for Finance and that Minister may, where requisite, sell or exchange such money and shall, in any case, dispose of such money or of the net proceeds of such sale or exchange (as the case may be) in accordance with this Act;
|
|
| |
(c) if and in so far as such property consists of a document of title to money—
|
|
| |
(i) the said order shall operate to transfer to and vest in the Minister for Finance the right to receive payment by virtue of such document of the money to which it relates, and
|
|
| |
(ii) if such document requires endorsement, the endorsement thereof by the Minister for Finance or by the Secretary of the Department of Finance in accordance with this section shall be a good and sufficient endorsement thereof, and
|
|
| |
(iii) the Minister for Finance shall obtain payment of the said money and shall dispose of the same in accordance with this Act;
|
|
| |
(d) if and in so far as such property consists of a document of title to a security—
|
|
| |
(i) the said order shall operate to transfer such security to the Minister for Finance, and
|
|
| |
(ii) if such security is transferable by mere delivery of the said document, or by endorsement and delivery thereof, the said document shall be deemed to have been lawfully delivered to the Minister for Finance, and
|
|
| |
(iii) if such security is transferable by mere endorsement of the said document or by endorsement and delivery thereof, the endorsement of that document by the Minister for Finance or by the Secretary of the Department of Finance in accordance with this section shall be a good and sufficient endorsement thereof, and
|
|
| |
(iv) if such security is required by law to be transferred by deed or writing, the said order shall operate as a deed or writing duly executed by all necessary parties and capable of registration (where registration is necessary) transferring such security to the Minister for Finance, and
|
|
| |
(v) if such security is transferable only by entries in a register, folio, or book, the said order shall operate to authorise and require the proper entries for transferring such security to the Minister for Finance to be made by the proper officer in such register, folio, or book, and
|
|
| |
(vi) in any case, the Minister for Finance may sell the said security, and if he does so, shall dispose of the net proceeds of such sale in accordance with this Act;
|
|
| |
(e) if and in so far as such property consists of a mechanically propelled vehicle, the said order shall operate to transfer to and vest in the Minister for Finance the ownership of such vehicle and to entitle that Minister to procure himself to be registered in the books of the appropriate local authority as the owner of such vehicle.
|
|
| |
(2) Whenever the Minister for Finance or the Secretary of the Department of Finance endorses, by virtue of the authority conferred by this section, a document of title, he shall effect such endorsement:
|
|
| |
(a) where such document would, if this section had not been enacted, be required to be endorsed by a particular person, by writing the name of that person and appending thereto his own signature and a statement of the office held by him, or
|
|
| |
(b) in any other case, by signing his own name and adding a statement of the office held by him.
|
