117Receiver may take possession of property

117 Receiver may take possession of property (1) A receiver may take possession of receivable property of the relevant licensee or, if section 115 applies, a relevant associate. (2) A person in possession, or having control, of receivable property must permit the receiver to take possession of the property if required by the receiver to do so. (3) If, on the application of a receiver, the Supreme Court is satisfied that a person has contravened subsection (2), the Court may do any one or more of the following— (a) order the person to deliver the receivable property to which the contravention relates to the receiver; (b) order the seizure of any receivable property located on premises specified in the order; (c) make any further order in the matter that it thinks fit. S. 117(4) amended by No. 37/2014 s. 10(Sch. item 29.2). (4) An order under subsection (3)(b) authorises the receiver, or a person authorised by the receiver, with the assistance of a police officer if necessary, to enter the premises specified in the order and to search for, seize and remove any property that appears to be receivable property. (5) An application by a receiver under subsection (3) may be made— (a) in the case of property in the possession, or under the control, of the relevant licensee, or a relevant associate—in the name of the receiver; or (b) in any other case—in the name of the relevant licensee or relevant associate. (6) A receiver must, as soon as possible, return property seized under this section if it transpires that it is not receivable property.