Sch 4Receivers, and other controllers, of property of co‑operatives

Schedule 4 — Receivers, and other controllers, of property of co‑operatives

1. Terms used 465

2. Application of Schedule 466

3. Persons not to act as receivers 466

4. Supreme Court may declare whether controller is validly acting 467

5. Liability of controller 468

6. Liability of controller under pre‑existing agreement about property used by co‑operative 469

7. Powers of receiver 470

8. Controller’s duty of care in exercising power of sale 472

9. Supreme Court may authorise managing controller to dispose of property despite prior charge 472

10. Receiver’s power to carry on co‑operative’s business during winding‑up 474

11. Controller’s duties in relation to financial institution accounts and financial records 475

12. Managing controller to report within 2 months about co‑operative’s affairs 475

13. Reports by receiver 476

14. Supervision of controller 477

15. Controller may apply to Supreme Court 479

16. Power of Supreme Court to fix receiver’s remuneration 479

17. Controller has qualified privilege in certain cases 480

18. Notification of matters relating to controller 480

19. Statement that receiver appointed or other controller acting 481

20. Officers to report to controller about co‑operative’s affairs 482

21. Controller may require reports 484

22. Controller may inspect books 485

23. Lodging controller’s accounts 485

24. Payment of certain debts, out of property subject to floating charge, in priority to claims under charge 487

25. Enforcement of controller’s duty to make returns 489

26. Supreme Court may remove controller for misconduct 490

27. Supreme Court may remove redundant controller 490

28. Effect of clauses 26 and 27 491