(1) The local officer shall prepare on the site and in the presence of not less than five respectable persons of the locality, an inventory of the property taken into his custody under section 9 and forthwith send a report in the prescribed form to the competent authority, together with a copy of the inventory.
(2) Where such property is an immovable property, the leasehold, right thereof shall be sold by public auction by such revenue authority and after following such procedure as may be prescribed and the sale proceeds shall be held in deposit, after deducting therefrom the expenses of the sale.
(3) (a) Where the property taken into custody under section 9, or any part thereof is perishable or involves considerable expenditure for its protection or for any other reason the immediate sale thereof is considered expedient by the local officer, he may for reasons to be recorded in writing, order the disposal of the property or part thereof by public auction in the manner prescribed, the sale proceeds being held in deposit, after deducting therefrom the expenses of the sale.
(b) Where the property taken into custody under section 9 is movable property of the value not exceeding fifty rupees, the local officer shall cause it to be sold by public auction in the manner prescribed, and credit the sale proceeds thereof to the Government.