COMPANIES ACT - 1963 (ACT 179)

    Section - 240 - Receivers and Managers Appointed Out of Court

    (1) A receiver or manager of any property or undertaking of a company appointed out of Court under a power contained in any instrument shall, subject to section 241 of this Code, be deemed to be an agent of the person or persons on whose behalf he is appointed; and if appointed manager of the whole or any part of the undertaking of a company he shall also be deemed to be an officer of the company and to stand in a fiduciary relationship to it, and section 203 of this Code shall apply to a manager as if he were a director of the company:

    Provided, however, that in the exercise of his powers he may, pursuant to subsection (3) of section 203 of this Code, give special, but not exclusive, consideration to the interests of those on whose behalf he is appointed.

    (2) Such a receiver or manager may apply to the Court for directions in relation to any matter arising in connection with the performance of his functions; and on any such application the Court may give such directions, or make such order declaring the rights of persons before the Court or otherwise, as the Court thinks fit.

    (3) The Court may, on the application of the company or any liquidator of the company, by order fix the amount to be paid by way of remuneration to any such receiver or manager; and may from time to time on application made either by the company or liquidator or by the receiver or manager, vary or amend the order.

    (4) The power of the Court under the immediately preceding subsection shall, where no previous order has been made with respect thereto under that subsection,

    (a) extend to fixing the remuneration for any period before the making of the order or the application therefor;

    (b) be exercisable notwithstanding that the receiver or manager has died or ceased to act before the making of the order or the application therefor; and

    (c) where the receiver or manager has been paid or has retained for his remuneration for any period before the making of the order any amount in excess of that so fixed for that period, extend to requiring him or his personal representatives to account for the excess or such part thereof as may be specified in the order:

    Provided that the power conferred by this paragraph shall not be exercised as respects any period before the making of the application for the order unless, in the opinion of the Court, there are special circumstances making it proper for the power to be so exercised.