Power of police to seize property; report to magistrate, custody on bond, sale of perishable items. Any police officer may seize property alleged or suspected to be stolen or found under suspicious circumstances and must report the seizure to the officer in charge and to the Magistrate. If the property cannot be conveniently transported, properly accommodated, or need not remain in police custody, the officer may entrust it to a person on a bond to produce it in Court and comply with disposal orders. Perishable or decaying property whose owner is unknown or absent and which falls below the prescribed value may be sold by auction under the Superintendent of Police, with net proceeds dealt with as provided.