Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.2 of 1999. Title of purchaser not to be questioned on ground of irregularity, etc. Mortgage not to be questioned on insolvency of mortgagor. Appointment of receiver and his powers. [Act No.7 of 1964] 147 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 fixed by the Board and to apply the balance in accordance with provisions of sub-section (8) of section 69-A of the Transfer of Property Act, 1882. (2) The Board may for sufficient cause, remove such receiver on an application made by the mortgagor and fill a vacancy in the office of the receiver. (3) 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 competent court.