Payment of proceeds of sale to owner of motor vehicle
8.—(1) Where the retaining authority disposes of a motor vehicle in pursuance of these Regulations by means of sale, the retaining authority shall pay the net proceeds of sale to any person who, before the end of the period of one year beginning with the date on which the motor vehicle is sold, satisfies the retaining authority that at the time of the sale they were the owner of the motor vehicle.
(2) If it appears to the retaining authority that more than one person is the owner of a particular motor vehicle, such one of them as the retaining authority thinks fit shall be treated as its owner for the purposes of paragraph (1).
(3) In this regulation, “the net proceeds of sale” means any sum by which the proceeds of sale exceed the aggregate of such sums as may be payable under these Regulations in respect of the removal and retention of the motor vehicle.