(1)This section has effect where—
(a)property comes into the possession of a local authority after being found on buildings or premises owned or managed by them ; or
(b)property which has been deposited with a local authority is not collected from them in accordance with the terms under which it was deposited.
(2)Where—
(a)property is found on any building or premises owned or managed by a local authority ; and
(b)it is subsequently handed over to the authority,
any right of possession of the property which was vested in a person by virtue of its having been found is extinguished.
(3)If—
(a)the local authority gives the owner or, as the case may be, the depositor of the property notice in writing—
(i)that they require him to collect the property by a date specified in the notice ; and
(ii)that if he does not do so the property will vest in the local authority on that date ; and
(b)he fails to comply with the notice, the property shall vest in the local authority on the specified date.
(4)The date to be specified in a notice under subsection (3) above shall be not less than one month from the date of the notice.
(5)Where it appears to the local authority, on the date when property comes into their possession as mentioned in paragraph (a) of subsection (1) above, that it is impossible to serve a notice under subsection (3) above, the property shall vest in the authority one month from that date.
(6)Where the local authority are satisfied after reasonable inquiry that it is impossible to serve a notice under subsection (3) above in relation to any property, it shall vest in them six months from the relevant date.
(7)Where—
(a)any property is of a perishable nature ; or
(b)to look after it adequately would involve the local authority in unreasonable expense or inconvenience,
the authority may sell or otherwise dispose of it at such time and in such manner as they think fit.
(8)Where property is sold or otherwise disposed of under subsection (7) above—
(a)any person to whom the property is transferred shall have a good title to it; and
(b)any proceeds of sale shall vest in the local authority on the day when the property would have vested in them under this section if it had not been sold.
(9)Where any property which came into the possession of a local authority as mentioned in paragraph (a) of subsection (1) above vests in the authority under this section, the authority may give the whole or any part of the property to the person through whom it came into their possession.
(10)Where the proceeds of sale of property which came into the possession of a local authority as mentioned in the said paragraph (a) vest in the authority under this section, the authority may make a payment not exceeding the value of the property to the person through whom it came into their possession.
(11)Where property is claimed by its owner or depositor before it vests in a local authority under this section, he may collect it on payment to the local authority of any sum which they require him to pay in respect of costs incurred by them—
(a)in making inquiries for the purposes of this section or serving any notice under subsection (3) above ; and
(b)in looking after the property adequately.
(12)This section shall not apply to any property which is found—
(a)on an aerodrome or in an aircraft on an aerodrome ;
(b)in a public service vehicle ; or
(c)on any premises belonging to the London Transport Executive or under the control of that Executive.
(13)In this section—
" aerodrome " has the meaning assigned to it by section 28(1) of the [1968 c. 61.] Civil Aviation Act 1968 ;
" local authority " means—
a local authority as defined in section 270(1) of the [1972 c. 70.] Local Government Act 1972 ; and
a board constituted in pursuance of section 1 of the [1971 c. 78.] Town and Country Planning Act 1971 or reconstituted in pursuance of Schedule 17 to the Local Government Act 1972 ; and
the Common Council of the City of London;
" public service vehicle " has the meaning assigned to it by section 1 of the [1981 c. 14.] Public Passenger Vehicles Act 1981;
" the relevant date " means—
in relation to property which came into the possession of a local authority as mentioned in paragraph (a) of subsection (1) above, the date when it came into their possession ; and
in relation to uncollected property.—
the date when the local authority accepted custody of it; or
the date when the period for which it was deposited with them expired,
whichever is the later.