Whenever any person, firm, association, bank, national bank, trust company, or other corporation whatsoever, shall hold or be possessed of any items of money or property which are or shall be made escheatable by any act of the General Assembly, the Auditor General may and shall, after such items have been reported to or otherwise ascertained by him, and after notice and advertisement of such items shall have been given and made as required by the provisions of the act under which such items are escheatable, if the number and nature of the items of such escheatable property so held or possessed are in his opinion such as to make such action desirable, suggest to the Attorney General that, instead of proceeding for the escheat of such items in the manner prescribed by the act under the provisions of which such items are made escheatable, the Attorney General apply by petition to the proper court for an order upon the person, firm, association, bank, national bank, trust company, or other corporation, holding or possessed of such items of moneys or property, directing the payment of the same into the State Treasury to the credit of the Commonwealth, together with interest thereon actually accrued to the date of the issue of said order, or, if the property consists of chattels or securities, that the same be sold in such manner as the court shall direct, and the proceeds thereof be similarly paid into the State Treasury; all amounts and proceeds so paid to be subject to being refunded as hereinafter provided. It shall not be necessary, in instituting proceedings under the provisions of this act, to await the expiration of any period which the act making such items escheatable requires to elapse between the reporting or ascertainment of such items and the institution of proceedings for the escheat thereof.