448. Validity of acts of receivers

Subject to subsection (2), no act of a receiver shall be deemed to be invalid merely because the receiver was not validly appointed, or is disqualified from acting as a receiver, or is not authorised to do the act.

No transaction entered into by a receiver shall be deemed to be invalid merely because the receiver was not validly appointed or is not authorised to enter into the transaction, unless the person dealing with the receiver has or ought to have, by reason of his or her relationship with the receiver or the person by whom the receiver was appointed, knowledge that the receiver was not validly appointed or did not have authority to enter into the transaction.