(1) It shall be lawful for the magistrate, on application made to him or her in a summary way, provided the Accountant General gives his or her consent thereto, to order the delivery of any ship, boat, goods, or other thing seized, to the owner or his or her agent, on security being given by bond to the satisfaction of the Accountant General, to answer double the value of the same in case of forfeiture, such value to be taken to be that which is fixed by the Accountant General, and such bond shall be taken to the use of Her Majesty in the name of the Accountant General, and shall be delivered and kept in the custody of the Accountant General; and in case the ship, boat, goods, or other thing is or are forfeited, the value thereof shall be paid into the hands of the Accountant General who shall thereupon cancel the bond.