Victorian Consolidated Legislation

Libraries Act 1988 - SECT 39

Default

39. Default



(1) If the trustees of library land-

   (a)  fail to repay money borrowed under this Part; or

   (b)  fail to pay interest in respect of money so borrowed-

as and when the payment is due, the lender or the holder for the time being of
a deed of assignment or debenture may apply to the Supreme Court for an order
under subsection (2).

(2) On application in accordance with subsection (1), the Supreme Court may
make an order appointing a receiver for the whole or a specified part of rents
payable or which may become payable to the trustees, to the extent that the
Court considers necessary for repayment of the loan and payment of interest.

(3) If a receiver has been appointed under subsection (2), the person who
applied for the receiver's appointment or the receiver may apply to the
Supreme Court for an order under subsection (4).

(4) On application in accordance with subsection (3), the Court may make an
order terminating the receiver's appointment.

(5) When making an order under subsection (2) or (4), the Court may make any
other incidental order that it considers appropriate.

(6) A receiver appointed under this section-

   (a)  is deemed to be an officer of the Supreme Court and is subject to its
        direction; and

   (b)  is entitled to receive rents from time to time becoming payable to the
        trustees in accordance with the order of appointment; and

   (c)  is entitled to receive out of the money coming into the receiver's
        hand under paragraph (b) any commission or remuneration that the
        Supreme Court determines; and

   (d)  after deducting any commission or remuneration to which the receiver
        is entitled, and expenses of the receivership, must hold any money
        coming into the receiver's hand in accordance with the order for the
        benefit of the lender or the holder for the time being of any relevant
        deed of assignment or debenture.