Section 33Part 6 — General and Supplementary
Power of Bank to appoint a receiver
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Notwithstanding that a loan granted or guaranteed by the Bank may not have been secured, the Bank may, if a borrower defaults in respect of a loan granted or guaranteed by the Bank, appoint a receiver in respect of the business in connection with which the loan was granted or guaranteed, and a receiver so appointed shall have the powers of a receiver prescribed by or under this Law.
A person appointed by the Bank to be a receiver shall also be the manager of the business in respect of which the loan was granted or guaranteed, and the effect of such an appointment shall be the same as if the person had been appointed by the court to be a receiver and manager of the business.
No person appointed by the Bank to be a receiver or a receiver and a manager shall be considered to be an officer of the court.