Marginal note:Duty of care
121. A receiver, receiver-manager or sequestrator of a corporation appointed under an instrument or act shall
(a) act honestly and in good faith; and
(b) deal with any property of the corporation in their possession or control in a commercially reasonable manner.
Marginal note:Orders given by court
122. On the application of a receiver, receiver-manager or sequestrator, whether appointed by a court or under an instrument or act, or of any interested person, a court may make
(a) an order appointing, replacing or discharging a receiver, receiver-manager or sequestrator and approving their accounts;
(b) an order determining the notice to be given to any interested person or dispensing with notice to any person;
(c) an order fixing the remuneration of the receiver, receiver-manager or sequestrator;
(d) an order requiring the receiver, receiver-manager or sequestrator, or a person by or on behalf of whom the receiver, receiver-manager or sequestrator is appointed, to make good any default in connection with the receiver’s, receiver-manager’s or sequestrator’s custody or management of the property and activities of the corporation, or relieving the receiver, receiver-manager or sequestrator, or a person by or on behalf of whom the receiver, receiver-manager or sequestrator was appointed, from any default on any terms that the court thinks fit;
(e) an order confirming any act of the receiver, receiver-manager or sequestrator;
(f) an order giving directions on any matter relating to the duties of the receiver, receiver-manager or sequestrator; and
(g) any other order that it thinks fit.
Marginal note:Duties of receiver and receiver-manager
123. A receiver or receiver-manager shall
(a) immediately notify the Director of their appointment and discharge;
(b) take into their custody and control the property of the corporation in accordance with the court order, instrument or act under which they are appointed;
(c) open and maintain a bank account in their name as receiver or receiver-manager of the corporation for the money of the corporation coming under their control;
(d) keep detailed accounts of all transactions carried out as receiver or receiver-manager;
(e) keep accounts of their administration that shall be available during usual business hours for inspection by the directors of the corporation;
(f) prepare at least once in every prescribed period after the date of their appointment financial statements of their administration as far as is practicable in the form required by section 172; and
(g) on completion of their duties, render a final account of their administration in the form adopted for interim accounts under paragraph (f).
PART 9DIRECTORS AND OFFICERS
Marginal note:Duty to manage or supervise management
124. Subject to this Act, the articles and any unanimous member agreement, the directors shall manage or supervise the management of the activities and affairs of a corporation.
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