163Application to District Court to dispose of seized property

1. Any person who seizes any thing, or to whom any thing is produced, or any other enforcement officer to whom the thing is transferred, may apply to the District Court for an order that the thing be disposed of (by sale or otherwise) in the manner, and at a time, that the court may direct if,—

2. in the applicant's opinion,—
   1. the thing concerned is perishable or likely to deteriorate; or
   2. the cost of holding the thing is unreasonable having regard to its market value; and
3. the applicant has made reasonable efforts to advise the people described in section 156(2) of the intended application.

4. The court may grant the order if it is satisfied that—

5. the thing is perishable or likely to deteriorate; or
6. the cost to the applicant or his or her employer, or to any other person to whom the thing might be transferred, of holding it is unreasonable having regard to its market value.

7. The applicant or his or her employer must hold in custody any proceeds received from carrying out the order (less any deductions permitted under subsection (4)) as if the proceeds were the seized property, and section 151(1) applies accordingly, with any necessary modifications.

8. The deductions referred to in subsection (3) are, in a case in which the court orders that the thing be disposed of by sale, the costs of sale and any sums required to be paid to a security holder or other person as a condition of the order for sale.

9. If the court refuses the order, the applicant or his or her employer or another person to whom the thing is transferred must continue to hold the thing until it is released in accordance with section 151(2).