Victorian Current Acts Victorian Current ActsS. 24(1) amended by Nos 110/1986 s. 140(2), 127/1993 s. 9(4)(a).
(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.
S. 24(2) amended by Nos 110/1986 s. 140(2), 127/1993 s. 9(4)(a).
(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.
S. 24(3) amended by Nos 110/1986 s. 140(2), 40/2019 s. 78(8)(a).
(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 the receiver's 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
S. 24(4)(a)(ii) amended by No. 127/1993 s. 9(4)(a).
(ii) the whole or such part of the revenues of the Authority as aforesaid;
S. 24(4)(b) amended by Nos 110/1986 s. 140(2), 40/2019 s. 78(8)(b).
(b) shall be paid such remuneration or such commission as remuneration for the receiver's services as the Supreme Court appoints; and
S. 24(4)(c) amended by No. 127/1993 s. 9(4)(a).
(c) for the purposes of this subsection shall have and may exercise all or any of the powers of the Authority.
S. 24(5) amended by No. 110/1986 s. 140(2).
(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.
S. 24(6) amended by Nos 127/1993 s. 9(4)(b), 40/2019 s. 78(8)(c).
(6) Every receiver appointed under this Act shall hold all moneys received by the receiver in the capacity as a receiver, after payment of costs and expenses of collection and of the receiver's 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.
S. 24(7) amended by No. 127/1993 s. 9(4)(a).
(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.
S. 24(8) repealed by No. 110/1986 s. 140(2).
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S. 24A inserted by No. 35/1988 s. 20.