Section 22 in The Punjab Co-operative Land Mortgage Banks Act, 1957
22. Appointment of receiver and his powers.
(1)The Board may, on its own motion, or in the case of mortgages executed in favour of the Primary Land Mortgage Bank, on the application of such Banks and under circumstances in which the power of sale conferred by section 15 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 fixed by the Board, and to apply the balance in accordance with the provisions of sub-section (8) of section 59-A of the Transfer of Property Act, 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 the section shall empower the Board to appoint receiver whether the mortgaged property is already in the possession of a receiver appointed by a Civil Court.
