163Termination of appointment of receiver

#### 163 Termination of appointment of receiver 163 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).