Amendment status not verified — confirm the current text below against the official source.
(1) The Board may, on the application of aAwiot / '[primary land development bank] and under -t of circumstances in which the power of sale conferred rmiver and ' by section 13 may be exercised, appoint in writing a his powas. , receiver of the produce and income of the mortgaged property or any part thereof and such receiver shall I I be entitled either to take possession of the property I C l or collect its produce and income, as the case may be, to retain out of any money realized by him, his expen- I ses of management including his remuneration, if any, as fixed by tlte Board, and to apply the balance in accordance with the provisjons of sub-section (8) Central of section 69-A of the Transfer of Property Act, 1882, Act IV of 1882. ( 2 ) A receiver appointed under sub-section (I) may, for sufficient cause and on application made by the mortgagor, be removed by the Board. i (3) A vacancy in the office of the receiver may be filled up by thc Board. (4) Nothing in this section shall empower the Board to appoint a rccciver where the mortgaged propcltj is already in the possescion of a receive: appointcct by a Civil Court.