Appointment of Receiver and his powers

(1) The Committee of the Land Development Bank under circumstances in which the power of sale conferred by section 104 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 fixed by the committee, and to apply the balance in accordance with the provisions of sub-section (8) of section 69-A of Transfer of Property Act, 1882(Central Act 4 of 1882).

(2) A receiver appointed under sub-section (1) may for sufficient cause and on application made by the mortgager, be removed by the committee.

(3) A vacancy in the office of the receiver may be filled up by the committee.

(4) Nothing in this section shall empower the committee to appoint a receiver where the mortgaged property is already in the possession of a receiver appointed by a Civil Court.