448Security by and allowance to receivers

448 Security by and allowance to receivers

(1)  Unless otherwise ordered, on the making of an order that a receiver be appointed, the person so appointed –

(a) before acting, is to give security to account and to pay the security as the Court or judge directs; and

(b) is entitled to a proper salary or allowance.

(2)  Subject to rule 449 and any order, the security is to be –

(a) in a form authorised by Division 2 of Part 34 ; or

(b) by recognisance, in accordance with the prescribed form; or

(c) by bond, in accordance with the prescribed form.