21. Appointment of receiver and his powers. - (1) The Board may, on its own motion, or on the application of a 1[Gram Vikas Bank], under circumstances in which the power of sale without the intervention of court may be exercised under Section 16 by a managing committee or the Board, appoint in writing, a receiver of the mortgaged property or any part thereof and such receiver shall be entitled to take possession of the property, to collect its produce and income, to retain out of any money realized by him, his expenses of management including his remuneration, if any, as fixed by the Board, and to apply the balance in accordance with the provisions of sub-section (8) of Section 69-A of the Transfer of Property Act, 1882 so far as applicable.
(2) The Board may, either on its own motion or on an application made by the mortgagor, remove a receiver appointed under sub-section (1).
(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 a receiver appointed by a civil court.
(2) The Board may, either on its own motion or on an application made by the mortgagor, remove a receiver appointed under sub-section (1).
(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 a receiver appointed by a civil court.
Source footnotes
1. Subs. by U.P. Act No. 19 of 1994आगे पढ़ें / Continue reading
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Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · Number of Gram Vikas BanksSection 4 · Appointment of Trustee and his powers and functionsSection 5 · Trustee to be a Corporation SoleSection 6 · Issue of debentures by the BoardSection 7 · Vesting of property in Trustee and Debenture -holders charge on the assetsSection 8 · Guarantee by State Government of Principal and interest of the money to be borrowed by means of debentures or otherwiseIndia Code, Government of India. Text fetched 16 Oct 2026. Source metadata reports last modification: 2024-03-15. Check the linked official text and subsequent notifications when applying a provision.