35Application of proceeds of disposal

35 Application of proceeds of disposal

35 Application of proceeds of disposal

(1) This section applies—

(a) for the purposes of section 566(b) of the Law; and

(b) subject to sections 564(5) and 565(8) and (9) of the Law.

(2) The proceeds of the disposal of a thing or sample under Division 3 of Part 9.4 of the Law are to be applied in payment of—

(a) first—the Regulator’s expenses—

(i) of disposal, including of retention for disposal; and

(ii) of searching any register for a relevant purpose, including to give notice of forfeiture or to find out if any action has to be taken in relation to the register; and

(b) second, if there is an amount owing to the holder of a registered interest—the amount owing to the holder; and

(c) last—the balance to the person who was the owner of the thing or sample before it became the property of the Regulator.