(1) The Board may, on its own motion, or in the case of 1[Gehan, mortgage or hypothecation executed in favour of Agriculture and Rural Development Banks] on the application of such banks and under circumstances in which the power of sale conferred by section 26, may be exercised, appoint in writing a receiver of the produce and income of the 2[xxx] 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, (4 of 1882).
(2) A receiver appointed under sub-section (1) may, for sufficient cause and on application made by the 3[ person who created the Gahen or executed the mortgage or hypothecation, as the case may be,] 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 receiver where the 4[x x x] property is already in the possession of a receiver appointed by a civil court.