sec.37Creditor may only recover overdue amounts if notice given

### sec.37 Creditor may only recover overdue amounts if notice given Subject to subsection (5) , this section applies if a statutory body fails to make a payment of principal or interest under a debenture, bond or inscribed stock when it falls due to a person (the creditor ). The creditor may— apply to the Supreme Court for an order appointing a receiver of the statutory body and for other orders in relation to the powers of the receiver; or recover the amount owing as a debt due and owing by the body to the creditor by action in a court of competent jurisdiction. However, the creditor may apply for an order under subsection (2) (a) , or recover an amount under subsection (2) (b) , only if— the creditor gives written notice of the default to the statutory body; and the body does not pay the amount owing under the debenture, bond or inscribed stock within 14 days after the day the notice is given to the body; and for a debenture, bond or inscribed stock guaranteed under section 16 — the creditor gives a copy of the notice to the Treasurer after the 14 days after the day the notice is given to the body; and the Treasurer does not pay the amounts owing within 14 days after the day the copy is given to the Treasurer. A court-appointed receiver is an officer of the Supreme Court and must act under its direction and may be appointed only for the general, or for specific, revenue of the statutory body. This section does not apply to a statutory body if— the body represents the Crown; or the relevant debenture, bond or inscribed stock provides for an alternative provision as mentioned in section 41 . s 37 amd 1994 No. 31 s 6 sch 2 sub 1996 No. 54 s 8 (sec.37-ssec.1) Subject to subsection (5) , this section applies if a statutory body fails to make a payment of principal or interest under a debenture, bond or inscribed stock when it falls due to a person (the creditor ). (sec.37-ssec.2) The creditor may— apply to the Supreme Court for an order appointing a receiver of the statutory body and for other orders in relation to the powers of the receiver; or recover the amount owing as a debt due and owing by the body to the creditor by action in a court of competent jurisdiction. (sec.37-ssec.3) However, the creditor may apply for an order under subsection (2) (a) , or recover an amount under subsection (2) (b) , only if— the creditor gives written notice of the default to the statutory body; and the body does not pay the amount owing under the debenture, bond or inscribed stock within 14 days after the day the notice is given to the body; and for a debenture, bond or inscribed stock guaranteed under section 16 — the creditor gives a copy of the notice to the Treasurer after the 14 days after the day the notice is given to the body; and the Treasurer does not pay the amounts owing within 14 days after the day the copy is given to the Treasurer. (sec.37-ssec.4) A court-appointed receiver is an officer of the Supreme Court and must act under its direction and may be appointed only for the general, or for specific, revenue of the statutory body. (sec.37-ssec.5) This section does not apply to a statutory body if— the body represents the Crown; or the relevant debenture, bond or inscribed stock provides for an alternative provision as mentioned in section 41 . - (a) apply to the Supreme Court for an order appointing a receiver of the statutory body and for other orders in relation to the powers of the receiver; or - (b) recover the amount owing as a debt due and owing by the body to the creditor by action in a court of competent jurisdiction. - (a) the creditor gives written notice of the default to the statutory body; and - (b) the body does not pay the amount owing under the debenture, bond or inscribed stock within 14 days after the day the notice is given to the body; and - (c) for a debenture, bond or inscribed stock guaranteed under section 16 — (i) the creditor gives a copy of the notice to the Treasurer after the 14 days after the day the notice is given to the body; and (ii) the Treasurer does not pay the amounts owing within 14 days after the day the copy is given to the Treasurer. - (i) the creditor gives a copy of the notice to the Treasurer after the 14 days after the day the notice is given to the body; and - (ii) the Treasurer does not pay the amounts owing within 14 days after the day the copy is given to the Treasurer. - (i) the creditor gives a copy of the notice to the Treasurer after the 14 days after the day the notice is given to the body; and - (ii) the Treasurer does not pay the amounts owing within 14 days after the day the copy is given to the Treasurer. - (a) the body represents the Crown; or - (b) the relevant debenture, bond or inscribed stock provides for an alternative provision as mentioned in section 41 .