Companies Act, 1990

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Removal of receiver.

175.—The Principal Act is hereby amended by the insertion after section 322 of the following section—

“322A.—(1) The court may, on cause shown, remove a receiver and appoint another receiver.

(2) Notice of such proceedings shall be served on the receiver and on the person who appointed him not less than 7 days before the hearing of such proceedings and, in any such proceedings, the receiver and the person who appointed him may appear and be heard.”.