Appointment of receiver

(1) The society which has power to sell under section 75 may, appoint in writing a receiver of the produce 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 as the case may be, to retain out of any money realized by him, his expenses of management including his remuneration, if any, as fixed by the society and to apply the balance in accordance with the provision of sub-section (8) of section 69-A of the Transfer of Property Act, 1882. (2) A receiver appointed under sub-section (1) may, for sufficient cause and on application made by the mortgagor, be removed by the society. (3) A vacancy in the office of the receiver may be filled up by the society. (4) Nothing in this section shall empower the society to appoint receiver where the mortgaged property is already in the possession of a receiver appointed by a civil court.