Section 132(1) in Jammu and Kashmir Co-Operative Societies Act, 1989
(1)Notwithstanding anything contained in section 126 the Board may on the application of a Housing Society and in circumstances in which the power to sale conferred by section 126 may be exercised, appoint in writing a receiver of the property and income of such property or any part thereof and such receiver shall be entitled to take possession of the property or collect its income, as the case may be, to retain out any money realised by him, his expenses of management including his remuneration, if any, fixed by the Board, and to apply the balance in accordance with the provisions of sub-section 8 of section 89-A of the Transfer of Property Act, Samvat 1977.
