Section 148 in Uttarakhand Co-Operative Societies Act, 2003
148. Appointment of receiver and his powers.
(1)The Bank may, on its own motion under circumstances in which the power of sale without the intervention of court may be exercised under section 145 by the Bank, appoint in writing, a receiver of the mortgaged property or any part thereof and such receiver shall be entitled to take possession of the property, to collect its produce and income, to retain any money realized by him for the expenses of management including his remuneration, if any, as fixed by the Bank, and to apply the balance in accordance with the provisions of sub-section (8) of section 69-A of the Transfer of property Act, 1882 so far as applicable.(2)The Bank may, either on its own motion or on an application made by the mortgagor, remove a receiver appointed under sub-section (1).(3)A vacancy in the office of the receiver may be filled up by the Bank.(4)Nothing in this section shall empower the Bank to appoint a receiver where the mortgaged property is already in possession of a receiver appointed by a civil court.
