Part 14 — Winding-up, Liquidation and Dissolution of Cooperatives Division 1 Receivers and Receiver-Managers
300 Duties of receivers and receiver-managers
cooperative to protect the security interests of those on whose
behalf the receiver-manager is appointed.
(2) A receiver may not carry on the business of the cooperative
unless a Court order provides otherwise, but may, subject to the
rights of secured creditors,
(a) receive the incom e from the property and pay the liabilities
connected with it, and
(b) realize the security interes t of those on whose behalf the
receiver is appointed.
(3) After a receiver or receiver-manager is appointed, directors
may not exercise
(a) any power or duty the directors would otherwise be able to
exercise, or
(b) any power or authority that a receiver or receiver-manager is
authorized by instrument or Court order to exercise,
without the consent of the receiver or receiver-manager or of the
Court.