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11. Amendment of section 386

Subsection 386(1) of the principal Act is amended—

(a)

by deleting the word “and” at the end of paragraph (a);

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(b)

by substituting for paragraph (b) the following paragraph:

“(b) a receiver and manager may continue to act as a receiver as referred to in paragraph (a); and”;

and

(c)

by inserting after paragraph (b) the following paragraph:

“(c) a receiver and manager may continue to exercise all the powers of a receiver and manager for the purposes of carrying on the business of the company provided that the receiver and manager obtains consent from the liquidator or if the liquidator withholds his consent, the consent of the Court.”.

Report

Read on from s 12