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.