Section 22(1) in The Punjab Co-operative Land Mortgage Banks Act, 1957
(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.
