Singapore legislation
Section 214
Section 214
Disposal of outstanding interests in property
(1)
Upon proof to the satisfaction of the Official Receiver that there is vested in the Official Receiver by operation of —
section 213;
any previous written law corresponding to section 213; or
any law of a designated country corresponding with section 249,any estate, property or interest in property, whether solely or together with any other person, of a beneficial nature or held in trust for a third party who remains untraceable even after taking the prescribed steps, the Official Receiver may sell or otherwise dispose of or deal with that estate, property or interest, or any part of that estate, property or interest, as the Official Receiver sees fit.
(2)
The Official Receiver may —
sell or otherwise dispose of or deal with any estate, property or interest mentioned in subsection (1), either solely or in concurrence with any other person, in such manner, for such consideration, and by public auction, public tender or private contract upon such terms and conditions as the Official Receiver thinks fit, with power to rescind any contract and resell or otherwise dispose of or deal with such property as the Official Receiver thinks expedient; and
make, execute, sign and give such contracts, instruments and documents as the Official Receiver thinks necessary.
(3)
The Official Receiver is to be remunerated by such commission, whether by way of percentage or otherwise, as is prescribed in respect of the exercise of the powers conferred upon the Official Receiver by subsection (1).
(4)
The moneys received by the Official Receiver in the exercise of any of the powers conferred on the Official Receiver by this Subdivision must be applied in defraying all costs, expenses, commission and fees incidental to the exercise of those powers, and thereafter to any payment authorised by this Subdivision, and the surplus (if any) must be dealt with as if they were unclaimed moneys paid to the Official Receiver under section 197.