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Agents Financial Administration Act 2014
sec.51Receivers—functions
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### sec.51 Receivers—functions
A receiver appointed under this division has the following functions—
to take possession of receivership property;
to manage receivership property;
to receive claims against receivership property;
if the agent held receivership property in trust—
to identify the person or persons who have the right to it; and
to distribute it under this division;
to identify any defalcation that has, or may have, been committed;
to report to the chief executive about the receivership.
In carrying out its functions, the receiver must comply with parts 2 and 3 as if a reference in those parts to the agent were a reference to the receiver.
(sec.51-ssec.1) A receiver appointed under this division has the following functions— to take possession of receivership property; to manage receivership property; to receive claims against receivership property; if the agent held receivership property in trust— to identify the person or persons who have the right to it; and to distribute it under this division; to identify any defalcation that has, or may have, been committed; to report to the chief executive about the receivership.
(sec.51-ssec.2) In carrying out its functions, the receiver must comply with parts 2 and 3 as if a reference in those parts to the agent were a reference to the receiver.
- (a) to take possession of receivership property;
- (b) to manage receivership property;
- (c) to receive claims against receivership property;
- (d) if the agent held receivership property in trust— (i) to identify the person or persons who have the right to it; and (ii) to distribute it under this division;
- (i) to identify the person or persons who have the right to it; and
- (ii) to distribute it under this division;
- (e) to identify any defalcation that has, or may have, been committed;
- (f) to report to the chief executive about the receivership.
- (i) to identify the person or persons who have the right to it; and
- (ii) to distribute it under this division;