Application of the proceeds of sale

The proceeds of any sale under section 49 or section 50 of this Act, shall be applied by the Authority as follows, and in the following order, (a) in the payment of any duty payable in respect of the goods; (b) in the payment of the expenses of sale; (c) in the payment of the sums due to the Authority in respect of the carriage or warehousing and other service performed or facility provided in respect of the goods; (d) in the payment of freight and other claims of which notice under the provisions of this Act has been given, and by rendering the surplus, if any, to the owner or the person entitled thereto on demand, and if no such demand is made within one year from the date of the sale of the goods, by paying the surplus into the funds of the Authority, whereupon all rights to the same of such person shall be extinguished.