Section 56: Effect of registration of foreign Order

56. Effect of registration of foreign Order (1) Subject to subsections (2) and (3), where an Order has been registered under section 55 and the Court is notified that it has been established to the satisfaction of a foreign court that the property constitutes proceeds, an instrumentality or terrorist property, it may order that the property be recovered and be vested in the State until such arrangement is made by the Enforcement Authority with the foreign State for its disposal or transfer. (2) The Court may make an order under subsection (1) on such conditions as it thinks fit to impose, including any condition as to payment of debts, sale, transfer or disposal of any property. (3) Any person who claims to have an interest in property subject to an Order registered under section 55 may, within 21 days from the last publication of the registration under section 55 (5), apply to the Court for an order under subsection (4). (4) Where the Court is satisfied that the applicant under subsection (3) acquired the property without knowing, and in circumstances such as not to arouse a reasonable suspicion, that the property was, at the time of acquisition, proceeds or an instrumentality or terrorist property, the Court shall make an order declaring the nature of the interest of the applicant. (5) The Court shall, on application by the Enforcement Authority, cancel the registration of any foreign Order if it appears to it that the Order has ceased to have effect.