15Receivers

15 Receivers

15 Receivers

(1) If default is made by the Commission in making any payment due by the Commission payment of which is secured by a charge created pursuant to section 10 (1) and the default is continued for 6 months or, where some other period is specified in the instrument by which the charge is created, the period so specified, the chargee may apply to the Court for the appointment of a receiver of the income and revenue of the Commission.

(2) On application made in accordance with subsection (1), the Court shall appoint a receiver in respect of the income and revenue of the Commission either generally or as regards income and revenue specified in the charge concerned.

(3) The Court may make such orders and give such directions as it considers proper for or with respect to:

(a) the appointment of a receiver,

(b) the removal of a receiver, or

(c) the appointment of a receiver in place of a receiver previously appointed.

(4) The receiver shall be deemed to be an officer of the Court and shall act under its directions.