Co-Operative Societies Act 2008
154. Receiver’s duty
1. A receiver or receiver-manager appointed by a Court shall act in accordance with any directions of the Court.
2. A receiver-manager appointed by the Registrar shall act in accordance with any directions of the Registrar.
3. A receiver or receiver-manager appointed pursuant to an instrument shall act in accordance with that instrument and any directions that the Court may make pursuant to section 155.
4. A receiver or receiver-manager shall—
a. act honestly and in good faith; and
b. deal with any property of the society in his possession or control in a commercially reasonable manner.