Section 70: Application of proceeds of sale

(1) The proceeds of any sale made in accordance with section 69 of this Act shall be applied as follows, and in the following order-
(a) first, in payment of any customs and excise duties and State warehouse rent owed in respect of the goods;
(b) second, in payment of the expenses of the sale;
(c) third, in payment of the rates and expenses due to the Authority in respect of the goods; and
(d) fourth, in payment of the freight and other claims or lien of which notice has been given under section 67 of this Act,and the surplus, if any, shall be paid to the owner of the goods on demand.
(2) Where demand is not made within one year from the sale of the goods, the surplus of (the proceeds of sale shall be paid to the general account of the Authority, and all rights of the owner to the payment shall be extinguished.