Amendment status not verified — confirm the current text below against the official source.
Appotntment of receiver. (1) The Court may, at the time of the order o~ adJudication, or at any time afterwards, appoint a recetver for the property of the insolvent, and such property shall thereupon vest in such receiver. (2) Subject to such conditions as may be prescribed, the Court may- (a) require the receiver to give such security as it thinks fit duly to account for what he shall receive in respect of the property; and (b) by 15eneral or spec1al order, fix the amount to be paid as rem·~u.e:-:!tion for the services of the receiver out of the assets of the insolvent. r 34 (3) Where the Court appomts a receiver, It may remove the person m whose possessiOn or custody any such property as aforesaid IS from the possessiOn or custody thereof. Provided that nothmg m this sectiOn shall be deemed to authonse the Court to remove from the possessiOn or custody of property any person whom th~ msolvent has not a present 11ght so to remove. ( 4) Where a receiver appomted under this section- ( a) fails to subm1t his accounts at such periods and m such form as the Court d1rects; or (b) falls to pay the balance due from h1m thereon as the Court directs; or (c) occasiOns loss to the property by h1s wilful default ur gross negligence; ~ the Court may direct h1s property to be attached and sold, and 1nay apply the proceeds to make good any balance found to be due from him or any loss so occasioned by h1m. (5) The provisions of this sectiOn shall apply, so far a~ may be, to mtenm receivers appointed under SectiOn 20. 59 Power to appomt 0 fficw,Z Recewers. ( 1) The Govern- ment may appomt such persons as they thmk fit (to be called 'Official Receivers') to be receivers under this Act within such local limits as they may prescribe. (2) Where any Offic1al Receiver has been so appointed for the local limits of the JUnsdiCtiOn of any Court havmg JUris- dictiOn under this Act, he shall be the receiver for the purpose of every order appomtmg a receiver or an mterim rece1ver Issued by any such Court, unless the Court for special reasons otherwise directs. (3) Any sum payable under clause (b) of sub-sectiOn (2) of SectiOn 58 in respect of the serv1ces of an Official Receiver shall be credited to such fund as the Government may direct. ( 4) Every Official Receiver shall receive such remunera- t wn out of the said fund or otherwise as the Government may f1x m th1s behalf, and no remuneratwn whatever beyond that so fixed shall be received by the Official Receiver as such.