Amendment status not verified — confirm the current text below against the official source.
(1) The Board may on its own motion or on the application of any (branch of the Central Mortgage Bank or the Committee of a primary mortgage bank under circumstances in which the power of sale conferred by section 12 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, 1832 (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; but the Board or the Committee of a primary mortgage bank, as the case may be, may, through the Secretary of the Central Mortgage Bank or the primary mortgage bank, as the case may be, petition to such court to direct the receiver of such court to apply, any part or the whole of the surplus remaining in his hands after meeting the expenses of his management to the discharge of. the mortgage amount or part thereof, as the case may be.