Section 8. Property known as “Patients’ Valuables”, belonging to, or deposited for the benefit of, former patients of said hospital, which shall have remained unclaimed for more than one year, shall be disposed of as hereinafter provided, by the superintendent thereof and a representative of the trustees designated by them acting as a special board for said purpose, but only if all known next of kin of the former patient shall have been notified in writing by the said superintendent. The board shall ascertain whether the property has any sale value and, if so, shall solicit from at least three reputable dealers in like property offers for the purchase thereof, and shall sell the same to the dealer offering the highest price. The proceeds of such sale shall become a part of the “Patients’ Funds” and shall be disposed of as provided in section seven. The board may dispose of such of said property as, in its opinion, has no sale value, or any of said property for which no offer, solicited as aforesaid, has been received, in such manner as it may deem proper. A complete record of each transaction hereunder shall be made and signed by both members of the board and filed with the other records at said hospital relating to the former patient whose property shall have been disposed of as aforesaid.