4.—(1) Subject to regulation 5, this regulation applies to property in the possession of the police to which the Act applies in respect of which the owner has not been ascertained and no order of a competent court has been made.
(2) Subject to section 2(3) of the Act (which provides for the sale of property which is perishable or the custody of which involves unreasonable expense or inconvenience) property to which this regulation applies shall not be disposed of until it has remained in the possession of the police for a year.