To remedy the faults of the old treasure trove regime, the Treasure Act 1996 introduced a new scheme which came into effect on 24 September 1997. Any treasure found on and after that date regardless of the circumstances in which it was deposited, even if it was lost or left with no intention of recovery, belongs to the Crown, subject to any prior interests or rights held by any franchisee of the Crown. The Secretary of State (currently meaning the Secretary of State for Culture, Media and Sport) may direct that any such treasure be transferred or disposed of, or that the Crown's title in it be disclaimed.