416. Powers of administrators

An administrator—

The administrator may apply to the court for directions in relation to any matter arising in connection with the carrying out of his functions.

Where the exercise of any power conferred on the company or its board or officers by this Act or by the company’s articles could interfere with the exercise by the administrator of his powers, such power shall not be exercised by the company, its board or officers, as the case may be, except with the consent of the administrator, which may be given generally or in relation to particular cases.

Without limiting the generality of subsection (3), any disposal or other dealing with the property of the company without first obtaining the consent of the administrator, which may be given generally or in relation to particular cases, shall unless the court otherwise orders, be void.

In exercising his powers the administrator is deemed to act as the company’s agent, and a person dealing with the administrator in good faith and for value, shall not be required to inquire whether the administrator is acting within his powers.