Appointment of receiver and his powers

20.

1. (1) The Board may, on the application of a [primary land development bank] and under circumstances in which the power of sale conferred by section 13 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 realized by him, his expenses of management including his remuneration, if any, as fixed by the Board, and to apply the balance in accordance with the provisions of section 69-A of the Transfer of Property Act, 1882.
2. (2) A receiver appointed under sub-section
3. (1) may, for sufficient cause and on application made by the mortgagor, be removed by the Board.
4. (3) A vacancy in the office of the receiver may be filled up by the Board.
5. (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.