Subject to section 32(3) of the Act, property that is in the custody of the Commissioner must be disposed of as follows:
(a) if a court makes an order for the disposal of the property, the property must be disposed of in accordance with the order;
(b) if proceedings to determine the ownership of the property have commenced, the property must be retained by the Commissioner until those proceedings have been completed or discontinued;
(c) if there is a person who appears, to the satisfaction of the Commissioner, to be the owner, the property must be returned to that person unless he or she—
(i) cannot be located after reasonable inquiry; or
(ii) does not exercise his or her right to recover the property;
(d) if the property is unclaimed property, it must be disposed of as unclaimed property in accordance with these regulations.