A bond, security or the net proceeds of sale held in respect of a vessel, vehicle, an aircraft or any other item shall be applied in the following order:

(a) the discharge of a forfeiture ordered under this Act;

(b) the payment of the fines or penalties for offences under this Act or penalties imposed under this Act arising out of the use of or in connection with the vessel, vehicle, aircraft or other item, and the amount remaining shall be returned to the owner or the agent of the owner.