Section 44AC(1) in The Bihar Co-operative Societies Act, 1935
(1)The Board may, of its own motion or on the application of a Primary Land Development Bank and under circumstances in which the power of sale conferred by section 44U may be exercised, appoint in writing a person other than member of the managing committee of the Land Development Bank concerned to be the receiver of the produce of 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, or both, as the case may be, to retain out of any money realised by him in expenses or management including his remuneration, if any, as fixed by the Board and to apply to balance in accordance with the provisions of sub-section (8) of section 69A of the Transfer of Property Act, 1882 (4 of 1882).
