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LOCAL GOVERNMENT ACT 1995 - SECT 6.22

LOCAL GOVERNMENT ACT 1995 - SECT 6.22

6.22 .         Appointment of receivers

        (1)         This section applies if a local government defaults in the payment of any principal money or interest secured by a security.

        (2)         On petition of the security holder the Supreme Court may appoint up to 3 receivers of the income of the local government.

        (3)         A receiver so appointed is an officer of the Supreme Court and is to act under the direction of the Court.

        (4)         A receiver is entitled to such remuneration as is fixed by the Supreme Court.

        (5)         The Supreme Court may remove a receiver and may appoint a receiver in the place of a receiver who has been removed or dies.