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Powers and Duties of Receiver.
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46. Subject to any such Orders and Directions, the Receiver shall be entitled to receive or recover the whole or a competent Part of the Principal Monies, Instalments, Annuities, Interest, and other Monies from Time to Time payable to the Company upon or in respect of their registered Securities, and also any Monies standing to the Account of the Company’s Mortgage Debentures under the Provision of Section 17, until the Principal and Interest due on all the Debentures issued by the Company, together with all Costs, including the reasonable and proper Charges of such Receiver, shall have been fully paid; and upon such Appointment being made, and Notice thereof to the several Persons liable upon such registered Securities, all such Monies from Time to Time payable upon or in respect of such registered Securities shall be paid to and received of recovered by such Receiver; and the Receiver shall apply the same, as from Time to Time received or recovered by him, first to the Payment of all such Costs, and afterwards to the Discharge and Payment of all Interest, or Principal and Interest, as the Case may be, due upon such Mortgage Debentures; and after such Costs, and such Interest, or Principal and Interest, shall have been fully paid, the Power of such Receiver shall cease.
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