22HGeneral functions and powers of manager

22H General functions and powers of manager

(1) Subject to subsection (2), a manager—

(a) is taken to be the holder of a casino licence on the same terms as those on which the casino operator held the licence before its cancellation, suspension or surrender, subject to any modifications that the Commission determines; and

(b) assumes full control of and responsibility for the business of the casino operator in respect of the casino, including—

(i) the managed property; and

(ii) the affairs of the casino operator in relation to casino operations; and

(c) has authority to—

(i) conduct casino operations under the licence taken to be held under paragraph (a); and

(ii) manage the managed property and the affairs of the casino operator in relation to those casino operations; and

(d) must conduct, or cause to be conducted, casino operations in accordance with this Act; and

(e) has, in connection with the conduct of those operations, all the functions of the casino operator or an officer of the casino operator; and

(f) may employ any staff as required to operate the casino; and

(g) may acquire any property in relation to those casino operations; and

(h) may sell or otherwise dispose of any managed property or after-acquired property; and

(i) may transfer or novate any liabilities of the casino operator in relation to casino operations; and

(j) may borrow money on the security of any managed property or after-acquired property; and

(k) is taken to be the agent of the casino operator in connection with, or for the purpose of dealing with, any managed property and any contracts or other legal rights and liabilities under the control, management or responsibility of the manager under this section.

(2) Nothing in subsection (1) applies in relation to any legal proceeding—

(a) to which the casino operator was a party immediately before the manager's appointment; or

(b) to which the casino operator becomes a party during the manager's appointment that relates to the casino operator's conduct of casino operations before that appointment.

(3) In exercising a power of sale in respect of managed property, the manager must take all reasonable care to sell the property for—

(a) if, when it is sold, it has a market value—not less than the market value; or

(b) otherwise—the best price that is reasonably obtainable, having regard to the circumstances existing when the property is sold.

(4) The proceeds of sale of managed property are to be applied as follows—