(1) There is hereby established an Abandoned Property Fund under the administration and control of the Minister.
(2) The Minister shall deposit the proceeds of the sale of property into the Abandoned Property Fund less all reasonable costs incurred by it in connection with the sale, mailing of notices, and service as it may consider appropriate to assure the prompt payment of claims which may subsequently be made and approved by the Minister.
(3) Any property remaining unsold shall be disposed of by the Minister in such manner as the Minister on the recommendation of the Central Bank may prescribe.
(4) The proceeds of sale of any property under subsection (2) shall be held in the Abandoned Property Fund for a period of 10 years, after which the amount shall vest in the Crown.