Print Options

(1) A person who

(a) appoints a receiver or manager,

(b) obtains an order for the appointment of a receiver or manager, or

(c) enters into possession of the property under the powers contained in a charge, shall, within ten days after the date of the appointment, order or entry into possession give notice of the fact to the Registrar.

(2) The Registrar shall enter the notice of appointment of receiver or manager in the register of the particulars of charges relating to the borrower.

(3) Where a

(a) person appointed receiver of the property of the lender ceases to act as receiver or manager, or

(b) person who has entered into possession goes out of possession the lender shall, within ten days of the occurrence’ of the events in paragraph (a) or (b), give notice to that effect in the prescribed form to the Registrar who shall enter the notice in the register of particulars of charges.

(4) A person who fails to give notice under this section commits an offence and is liable on summary conviction to

(a) in the case of an entity, a fine of not more than one thousand penalty units, or

           (b) in the case of an individual, two hundred and fifty penalty units or to a term of imprisonment of not less than two years or to both.