130Termination of appointment of receiver

130 Termination of appointment of receiver

130 Termination of appointment of receiver

(1) The Supreme Court—

(a) may terminate the appointment of a receiver, and

(b) may, if it thinks fit, appoint a new receiver either immediately or at any time within the next 14 days.

(2) The former receiver must transfer or deliver the receivable property—

(a) if a new receiver is appointed—to the new receiver in accordance with any directions given by the Supreme Court, or

(b) if a new receiver is not appointed and if the relevant licensee or relevant associate so requires by notice in writing served on the receiver—to the licensee or associate.

Maximum penalty—50 penalty units.

(3) The receivable property must, in accordance with any directions given by the Supreme Court, be transferred or delivered as soon as possible after the former receiver’s appointment is terminated.

(4) A former receiver is not required to comply with the requirements of this section unless—

(a) the expenses of the receivership have been paid to the Secretary, or

(b) the Secretary otherwise directs in relation to those expenses.

(5) Subject to any direction given by the Supreme Court, a former receiver may transfer or deliver receivable property to the relevant licensee or relevant associate without having been given a notice under subsection (2) (b).