Amendment status not verified — confirm the current text below against the official source.
1Right of- Central Mortgage 'Bank •01' primary mortgage bank to purchase the mortgaged property ·rt sa1e.-lt shall be competent to the Central Mortgage, Bank-or ,a pr1mary mortgage bank to ,purchase the mortg ... ged ,property sold under this Chapter, hut the property so purchased . shall· be disposed, of by such bank by sale w1thin such period as may be fixed,by the Trustee. 19, Appomtment of receiver, and h~s powers.- (1) T e Board may on its own motion or on the application. of. any .branch of the Central Mortgage Bank or the Committee of a prtrnary.mort- g~ge Lank under circumstance"' in -whtch the powe1· of.sale cnn- fened by section 12 mdy ue exercised. apoomt 111 wrttmg.a recetver of tlie produce and m~ome of the mortgaged prpperty or any part therPof and such recetver shall be. ent1tled either, to take possesswn of the property o,· collect tt:> produce .a-nd income, as the case may be, to retam out of any money realised by him, hls expenses of management mcludmg his remuneration, if an\, as1may ·be fixed by the Board and to apply ·the balance in accordance w1th the provt,Jons of sub-section (8) of section ·69-A of the Transfer of Prl)perty Act, 1882 (4 of 1882). (2) 1A recetver ·appointed under suL-section (1) may, for suffictent cau.,e and on apphcati<;n made by the mortgagor, b(l -removed·by.the Board. ' li (3) A vacancy-in the office of the receiver may be filled up liy.'the Board.' (4) Nothing in th1s section shall empower the Board to appoint a receiver where the mortgaged property 1~ aheady in the pos5ess10n of a rec('iver appointed by a civil court; but the Board or the Committee of a primary mortgage bank, as ·the case may be, may, through the Secretary oi the Central Mort- gage Bank• or the prunary mo1 tgage bank, a.:. the case may be, petition to such court to direct the recetver of such court tv apply! any part or the whole of the surplus remaining in his hands after meetmg the expen5es of h1s management to the d1scharge of. the mortgage amount or part thereof, as the case may be.