(1) The Board may, on Its own motwn or on the apphcatwn of any branch of the Agricultural Development Bank or the committee of a primary bank under circumstances m which the power of sale conferred by sectwn 19 may be exercised, appomt m wntmg a receiver of the produce and mcome of the property or any part thereof and such receiver s~all be entitled either to take possession of the property or collect Its prociuce and mcome, as the case may be, to retain out of any money reahsed by him, his expense of manage ment mcludmg h1s remuneratiOn, If any, as may be fixed by the Board and to apply the balance m accordance with the provisions of sub-sectwn (8) of sectwn 69A of the Transfer of Ptoperty Act, 1882 (Central Act 4 of 1882).
(2) A receiver appomted under sub-section (1) may, for sufficient cause and on apphcatwn made by the person "'ho created the Gehan or executed the mortgage or hypothecatiOn, a!:> 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) No•thing m th1s section shall empower the Board to appomt a receiver where the property to which the Genan or mort gage or hypothecatiOn relates IS already in the posst>s~ion of a receiver appomted by a civil court; but the Board or the committee, as the case may be, may through the Managing Director in the case of the Agricultural Development Bank or the Secrt>tary in the case of a pnmary bank, petition to such court to direct the receiver ~appointed by such court to apply any part or the whole of the surplus remammg m his hands after meetmg expenses of his manage ment, to the discharge of the amount due under the Gehan or the mortgage or hypothecatiOn or part thereof, as the case may be.