As enacted

Contents

Companies Act 2007 · As enacted · Part XV · Receivers and Managers

437. Appointment of receiver under an instrument

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

Where an instrument confers on the grantee the power to appoint a receiver of the property and undertaking of a company, the grantee may appoint a receiver by an instrument in writing signed by or on behalf of the grantee.

(2)

A receiver appointed by or under a power conferred by an instrument shall be the agent of the grantor, unless the instrument expressly provides otherwise.

(3)

A receiver may be appointed under this section —

(a)

notwithstanding anything to the contrary contained in any other law; and

(b)

whether or not the property in respect of which the receiver is appointed includes immovable property.

(4)

For the avoidance of doubt—

(a)

the appointment of a receiver under this section is not a hypothecary action; and

(b)

nothing in section 46 of the Mortgage Act (Cap. 89)

shall affect, or shall apply in relation to, the appointment of a receiver under this section.

Read on from s 438

Part XVI

Registrar-General of Companies and Registration Appointment of Officers

Read on from Part XVI

Part XVII

Application of Act to Existing Companies

Read on from Part XVII

Part XVIII

Overseas Companies

Read on from Part XVIII

Part XIX

Advisory Commission

Read on from Part XIX

Part XX

Companies Disputes Board

Read on from Part XX

Part XXI

Offences Miscellaneous Offences

Read on from Part XXI

Part XXII

Miscellaneous Prohibition of Partnership with More Than Twenty Members

Read on from Part XXII

Part XXIII

Repeals and Amendments

Read on from Part XXIII