COMPANIES CLAUSES ACT 1863 - SECT 26 Mode of appointing receiver, &c.

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COMPANIES CLAUSES ACT 1863 - SECT 26

Mode of appointing receiver, &c.

26. Every such application for a receiver shall be made to two justices ...;
and on any such application the justices... by order in writing, after hearing
the parties, may appoint some person to receive the whole or a competent part
of the tolls or sums liable to the payment of the interest, until all the
arrears of interest then due on the debenture stock, with all costs, including
the charges of receiving the tolls or sums, are fully paid; and upon such
appointment being made all such tolls or sums shall be paid to and received by
the person so appointed; and all money so received shall be deemed so much
money received by or to the use of the several persons interested in the same,
according to their several priorities.

The receiver... shall distribute rateably and without priority, among all the
proprietors of debenture stock to whom interest is in arrear, the money which
so comes to his hands, after applying a sufficient part thereof in or towards
satisfaction of the interest on the mortgages and bonds of the company.

As soon as the full amount of interest and costs has been so received, the
power of the receiver... shall cease; and he shall be bound to account to the
company for his acts or intromissions or the sums received by him, and to pay
over to the company any balance that may be in his hands.

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Northern Irish Legislation

COMPANIES CLAUSES ACT 1863 - SECT 26