COMPANIES ACT - 1963 (ACT 179)

    Section - 238 - Powers of Receivers and Managers

    (1) A person appointed receiver of any property of a company shall, subject to the rights of any prior incumbrances, take possession of and protect the property, receive the rents and profits and discharge all outgoings in respect thereof and realise the security of those on whose behalf he is appointed; but unless also appointed manager he shall not have power to carry on any business or undertaking.

    (2) A person appointed manager of the whole or any part of the undertaking of a company shall manage the same with a view to the beneficial realisation of the security of those on whose behalf he is appointed.

    (3) As from the date of appointment of a receiver or manager the powers of the directors or liquidators in a members' voluntary liquidation to deal with the property or undertaking over which he is appointed shall cease unless and until the receiver or manager is discharged.

    (4) If, on the appointment of a receiver or manager, the company is being wound up under the provisions of the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180), or the property concerned is in the hands of some other officer of the Court, the liquidator or officer shall not be bound to relinquish control of such property to the receiver or manager except under an order of the Court.