(1) Notwithstanding anything contained in section 126 the Board may on the application of a Housing Society and in circumstances in which the power to sale conferred by section 126 may be exercised, appoint in writing a receiver of the property and income of such property or any part thereof and such receiver shall be entitled to take possession of the property or collect its income, as the case may be, to retain out any money realised by him his expenses of management including his remuneration, if any, fixed by the Board, and to apply the balance in accordance with the provisions of sub-section 8 of section 89-A of 1[the Transfer of Property Act, 1882 (2 of 1882)].
(2) A receiver appointed under sub-section (1) may, for sufficient cause and on application made by the mortgagor, be removed by the Board.
(3) A vacancy in the office of the receiver may be filled up by the Board.
(4) Nothing in this section shall empower the Board to appoint a receiver where the mortgaged property is already in the possession of receiver appointed by Civil Court.
(2) A receiver appointed under sub-section (1) may, for sufficient cause and on application made by the mortgagor, be removed by the Board.
(3) A vacancy in the office of the receiver may be filled up by the Board.
(4) Nothing in this section shall empower the Board to appoint a receiver where the mortgaged property is already in the possession of receiver appointed by Civil Court.
Source footnotes
1. Substituted for “the Transfer of Property Act, Samvat 1977” by ibid.आगे पढ़ें / Continue reading
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Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · The Registrar.Section 4 · Societies which may be registered.Section 5 · Application for registration of Co-operative Societies.Section 6 · Registration.Section 7 · Registration certificate.Section 8 · Registration with limited or unlimited liability.India Code, Government of India. Text fetched 11 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.