23.—F54[(1) The powers conferred on the High Court by section 24 of this Act shall be exercisable—

(a) where—

F55[(i) proceedings have been instituted in the State against the defendant for a drug trafficking offence, an offence of financing terrorism, a relevant offence, or an indictable offence (other than a drug trafficking offence, an offence of financing terrorism or a relevant offence), or an application has been made in respect of the defendant under section 7, 8, 8D, 8E, 8I, 8J, 13 or 18,]

(ii) the proceedings or application have not been concluded, and

(iii) either a confiscation order has been made or it appears to the Court that there are reasonable grounds for thinking that a confiscation order may be made in the proceedings or that, in the case of an application under section 7, 8, 8D, 8E, F56[8I, 8J,] 13 or 18 of this Act, the Court will be satisfied as mentioned in section 7(3), 8(4), 8D(3), 8E(4), F56[8I(3), 8J(4),] 13(2), 13(4) or 18(2) of this Act,

or

(b) where—

(i) the Court is satisfied that proceedings are to be instituted against a person for a drug trafficking offence, an offence of financing terrorism or an offence in respect of which a confiscation order might be made under F55[section 8F or 9] of this Act or that an application of a kind mentioned in paragraph (a)(i) of this subsection is to be made in respect of a person, and

(ii) it appears to the Court that a confiscation order may be made in connection with the offence or that a court will be satisfied as mentioned in paragraph (a)(iii) of this subsection.]

(2) For the purposes of section 24 of this Act, at any time when those powers are exercisable before proceedings have been instituted—

(a) references in this Act to the defendant shall be construed as references to the person referred to in subsection (1) (b) (i) of this section, and

F54[(b) references in this Act to realisable property shall be construed as if, immediately before that time, proceedings had been instituted against the person referred to in subsection (1)(b)(i) of this section for a drug trafficking offence, an offence of financing terrorism or an offence in respect of which a confiscation order might be made under F55[section 8F or 9] of this Act.]

(3) Where the court has made an order under section 24 of this Act by virtue of subsection (1) (b) of this section, the court shall discharge the order if proceedings in respect of the offence are not instituted or the relevant application is not made within such time as the court considers reasonable.