(1) This section applies if—
(a) a thing seized under this part has not been destroyed or otherwise disposed of under section 87 or returned under section 102; and
(b) an application for disallowance of the seizure under section 103—
(i) has not been made within 1 year after the day the seizure is made; or
(ii) has been made within 1 year after the day the seizure is made, but the application has been refused or withdrawn before a decision in relation to the application has been made.
(2) If this section applies to the seized thing—
(a) the thing is forfeited to the Territory; and
(b) the thing may be sold, destroyed or otherwise disposed of as the chief executive directs.