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srilawsby aturio
As enacted
Contents

Part XIII

382. General duties of receivers

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

(1)

The receiver shall exercise the receiver’s powers in good faith.

(2)

The receiver shall exercise the receiver’s powers in a manner that the receiver believes on reasonable grounds to be in the interests of the person in whose interests the receiver was appointed.

(3)

Without prejudice to subsections (1) and (2), the receiver shall exercise the receiver’s powers having reasonable regard to the interests of –

(a)

the grantor;

(b)

creditors of the grantor; and

(c)

any other persons claiming, through the grantor, interests in the property in receivership.

(4)

A receiver appointed under an instrument under subsection (1) of section 372 shall not be bound to act in accordance with such directions of the person in whose interests the receiver was appointed, and any failure to act in accordance with such directions shall not be regarded as a breach of the duty referred to in subsection (2).

(5)

Nothing in this section shall affect or limit the application of section 383.

Read on from s 383

Part XIV

Cross - Border Insolvency

Read on from Part XIV

Part XV

Read on from Part XV

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules