Appointment of receiver

(1) The Board may, on the application of a Co-operative Agricultural and Rural Development Bank and under circumstances in which the powers of sale conferred by Section 91 may be exercised, 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 realised by him, his expenses of management including his remuneration, if any, as may be fixed by the Board and to apply the balance in accordance with the provisions of Sub-Section (8) of Section 69-A of the Transfer of Property Act, 1882 (4 of 1882). (2) A receiver appointed under Sub-Section (1) may for sufficient cause and on application made by the mortgagor, be removed by the Board. (3) A vacancy in the office of the receiver may be filled up by the Board. (4) 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 Civil Court.