Victorian Consolidated Legislation

Melbourne Market Authority Act 1977 - SECT 24

Appointment of receiver in certain cases

24. Appointment of receiver in certain cases



(1) If at the expiration of three months from the time when any principal
moneys or interest has become due on any debenture or on any stock issued
under this Act by the Authority and after demand in writing the same is not
paid, the holder of such debenture or the registered owner of such stock (as
the case may be) may without prejudice to any other mode of recovery apply to
the Supreme Court for the appointment of a receiver.

(2) The said court may after hearing the parties appoint as receiver some
person or persons to collect and receive the whole or any part of the revenues
of the Authority upon which the principal moneys or interest upon such
debentures or stock is charged until such principal or interest or both (as
the case may be) together with the costs of the application and of collection
are fully paid.

(3) Every such receiver shall be deemed an officer of and shall act under the
direction of the Supreme Court; and the Supreme Court may from time to time
remove any such receiver, and on the death or removal of any such receiver,
may appoint some other person in his place.

(4) Such receiver-

   (a)  shall be entitled to collect and receive-

   (i)  any moneys standing to the credit of any sinking fund for the
        liquidation of the loan in respect of which such debenture or such
        stock was issued (and for that purpose to sell or mortgage any
        securities forming the whole or any part of any such sinking fund
        which are under subsection (5) transferred to such receiver); and

   (ii) the whole or such part of the revenues of the Authority as aforesaid;

   (b)  shall be paid such remuneration or such commission as remuneration for
        his services as the Supreme Court appoints; and

   (c)  for the purposes of this subsection shall have and may exercise all or
        any of the powers of the Authority.

(5) The Supreme Court may order all securities forming the whole or any part
of any such sinking fund to be transferred to such receiver.

(6) Every receiver appointed under this Act shall hold all moneys received by
him as such, after payment of costs and expenses of collection and of his
remuneration or commission as remuneration, in trust for the purpose of paying
to all holders of debentures and all registered owners of stock issued under
this Act by the Authority any moneys secured thereby and owing to them
according to their respective priorities and subject thereto for the
Authority.

(7) Nothing in this section shall be construed-

   (a)  as rendering applicable to any purpose other than the repayment of
        debentures or stock issued under this Act by the Authority any part of
        any sinking fund or any part of any other moneys or property of the
        Authority; or

   (b)  as lessening or prejudicing any other right or remedy of any holder of
        any debenture or registered owner of any stock issued under this Act
        by the Authority.



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