Section 558. Disposal of outstanding interests in property

(1) Upon proof to the satisfaction of the Registrar that there is vested in him by operation of section 557 or of any corresponding previous written law or of a law of a designated country corresponding with section 548, any estate or interest in property, whether solely or together with any other person, of a beneficial nature and not merely held in trust, the Registrar may sell or otherwise dispose of or deal with such estate or interest in property or any part of the estate or interest in property as he deems fit.

(2) The Registrar may sell or otherwise dispose of or deal with the property either solely or in concurrence with any other person in such manner for such consideration by public auction, public tender or private contract upon such terms and conditions as he thinks fit, with power to rescind any contract and resell or otherwise dispose of or deal with such property as he thinks expedient and may make, execute, sign and give such contracts, instruments and documents as he thinks necessary.

(3) The Registrar shall be remunerated by the commission, whether by way of percentage or otherwise, as prescribed in respect of the exercise of the powers conferred upon him by subsection (1).

(4) The moneys received by the Registrar in the exercise of any of the powers conferred on him by this Subdivision shall be applied in defraying all costs, expenses, commission and fees incidental to the disposal and subsequently to any payment authorized by this Subdivision and the surplus, if any, shall be dealt with as if they were unclaimed moneys under the laws relating to unclaimed moneys.