Appointment of receiver and his powers

44 AC. Appointment of receiver and his powers. –

1. (1) The Board may, of its own motion or on the application of a Primay Land Development Bank and under circumstances in which the power of sale conferred by section 44-U may be exercised, appoint in writing a person other than member of the managing committee of the Land Development Bank concerned to be the receiver of the produce of and income of the mortgaged property or any part thereof and such receiver shall be entitled either to take possession of the property or collect its produce and income, or both, as the case may be, to retain out of any money realized by him in expenses or management including his remuneration, if any, as fixed by the Board and to apply to balance in accordance with the provisions of sub-section
2. (8) of section 69 A of the Transfer of Property, Act, 1882 (4 of 1882).
3. (2) The Board may, for sufficient cause; removes such receiver on an application made by the mortgagor and fill the vacancy in the office of the receiver.
4. (3) Nothing in this section shall empower the Board to appoint a receiver where the mortgaged property is already in the possession of a receiver appointed by a competent court.