442. Vacancy in office of receiver

The office of receiver shall become vacant if the person holding office resigns, dies, or becomes disqualified under section 436.

A receiver appointed under a power conferred by an instrument, may resign office by giving not less than five working days’ written notice of his intention to resign, to the person by whom the receiver was appointed.

If, for any reason other than resignation, a vacancy occurs in the office of receiver, written notice of the vacancy shall forthwith be delivered to the Registrar by the person vacating office or if that person is unable to act, by his legal representative.

A receiver appointed by the court shall not resign office without prior leave of the court.

A person vacating the office of receiver shall where practicable, provide such information and give such assistance in the conduct of the receivership to his or her successor as that person may reasonably require.

On the application of a person appointed to fill a vacancy in the office of receiver, the court may make any order that it considers necessary or desirable to facilitate the performance of the receiver’s duties.

Every person who fails without reasonable cause to comply with subsection (3), shall be guilty of an offence and be liable on conviction to a fine not exceeding fifty thousand rupees.