Section 21(1) in The U.P. Sahkari Gram Vikas Banks Act, 1964
(1)The Board may, on its own motion, or on the application of a [Gram Vikas Bank] [Substituted by U.P. Act No. 19 of 1994, for the words 'Land Development Bank'.], under circumstances in which the power of sale without the intervention of court may be exercised under Section 16 by a managing committee or the Board, 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 out of any money realized 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 69-A of the Transfer of Property Act, 1882 so far as applicable.
