(1) The Board may on the application of 2 [the Central Mortgage Bank or] a Mortgage Bank and under circumstances in which the power of sale conferred by Section 11 may be exercised, appoint in writing, a Receiver of the produce and income of the mortgaged property or any part thereof and such Receiver shall be entitled either to take possession of the property or collect its produce and income, as the case may be, to retain out of any money realised by him, his expenses of management including his remuneration, if any, as fixed by the Board, and to apply the balance in accordance with the provisions of sub-section (8) of Section 69-A of the Transfer of Property Act, 1882.
Act IV of
1882.
1. Ins. by Assam Act No. XXIV of 1964.
2. Ins. by Assam Act No. XXIV of 1964.
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(2) A Receiver appointed under sub-section (1) may, for sufficient cause and on application made by the mortgagor, be removed by the Board.
(3) A vacancy in the office of the Receiver may be filled up by the Board.
(4) Nothing in this Section shall empower the Board to appoint a Receiver when the mortgaged property is already in the possession of a Receiver appointed by a Civil Court.
Title of purchaser not to be questioned on the ground of irregularity, etc.
18. Where any property is sold in the exercise or purported exercise of a power of sale under the provision of this Act, the title of the purchaser shall not be questioned on the ground that-
(a) the circumstances required for authorising the sale had arisen ; or
(b) due notice of the sale was not given; or
(c) the power of sale was otherwise improperly or irregularly exercised ;
but any person who has suffered any damage by an unauthorised, improper or irregular exercise of any such power shall have a remedy in damages against 1 [the Central Mortgage Bank or] the Mortgage Bank. Such property, shall vest in the purchaser free from all encumbrances.
Appointment of Sale Officers.
19. The Registrar shall appoint Sale Officers for the purpose of conducting sale under the provisions of this Act.
Right of mortgage Bank or of the Central Mortgage Bank to Purchase the mortgaged property at sale.