41 Lost and uncollected property

41  Lost and uncollected property

(1)     This section has effect where—

(a)     property comes into the possession of a local authority after being found on buildings or premises owned or managed by them; or

(b)     property which has been deposited with a local authority is not collected from them in accordance with the terms under which it was deposited.

(2)     Where—

(a)     property is found on any building or premises owned or managed by a local authority; and

(b)     it is subsequently handed over to the authority,

any right of possession of the property which was vested in a person by virtue of its having been found is extinguished.

(3)     If—

(a)     the local authority gives the owner or, as the case may be, the depositor of the property notice in writing—

(i)     that they require him to collect the property by a date specified in the notice; and

(ii)     that if he does not do so the property will vest in the local authority on that date; and

(b)     he fails to comply with the notice,

the property shall vest in the local authority on the specified date.

(4)     The date to be specified in

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