45. Remedies for default

If at any time any interest due on any loan other than stock borrowed by a local authority under this Act shall remain unpaid by the local authority for three months after demand therefor in writing has been lodged with the local authority by the person entitled thereto or by his duly authorized representative, application may be made by such person or his representative to the High Court for the appointment of a receiver of the property and revenue on which the loan is secured.

On the hearing of such application the Court may make such order and give such directions as under the circumstances shall seem expedient for the raising and payment of the moneys due, and, in particular, the Court may order that a rate or rates of such amount or amounts as it may fix be made and levied upon all rateable property within the local authority area, and such rate so ordered shall have the same incidence as any rate imposed by the local authority and may be enforced in like manner and the proceeds thereof shall be paid into

If at any time there is default in the repayment of any such loan or of any instalment thereof after a period of thirty days from the date on which such loan or instalment shall have become repayable, the like proceedings may be instituted on the application of the person to whom such repayment shall be due or his duly authorized representative.

The Court, on such application, in addition to any order which it is empowered to make under subsection (2), may order the sale of any property on which the loan may be secured, subject to the provisions of any written law as regards the alienation of any lands vested in the local authority.