POLICE (property in possession of).—Property found on prisoners, or the owner of which is for the time being unknown, very frequently comes into the possession of the police in connection with a criminal charge. Generally under such circumstances the local magistrates have power, on the application of the police or a claimant to the property, to order it to be delivered to the person who appears to the Court to be its owner, or to be otherwise dealt with as the Court thinks fit. If the Court refuses to deliver the property to the claimant a period of six months is allowed, from the date of the refusal, wherein he may take legal proceedings against the person in possession of the property for its recovery. The police themselves should always obtain an order before they deliver up such property, for otherwise, if it should happen that they have delivered it to the wrong person, they may be liable therefor to the true owner.
POOL.—This term is applied to an association of the holders of certain specified shares in a company based upon an agreement that none of them will part with his holding unless and until the shares are dealt with on the market at a specified price or some other agreed contingency shall happen.
The object of this arrangement is to prevent any of the allied shareholders putting their shares on the market during the period in which an effort is being made to raise the price. A pool is an incident in RIGGING THE MARKET (q.v.), for the promoters of the rig would find it impossible to attain their end if any considerable parcel of shares could at any time be thrown on the market for sale. The term is also used, in America, to denote an association of railroad companies to maintain rates and regulate freight traffic.
POOR `RATE.—This rate is one levied for the relief of the poor. Its importance extends, however, to the general subject of RATING (q.v.).