208 SECRETARIAL PRACTICE
receiver passing his accounts at intervals, generally, of six
months.

His duties are to take possession, to collect rents and
debts, and generally to act as owner of the property charged.
He may obtain the directions of the Court as to taking any
contemplated step, and he should always do so where it is
proposed to incur expenses, e.g. by borrowing money. As
manager, when a favourable opportunity for a sale arises, and
a sale is necessary in order to pay off the principal due on the
debentures, he will invariably apply for the consent of the
Court to the proposed sale, before attempting to carry it out.

If a receiver or manager is appointed by the Court, or the
debenture holders, any letters, etc., invoice, order for goods or
business letters on which the name of the company appears,
must contain a statement that a receiver or manager has been
appointed [s. 308], and if the company is being wound up,
that fact must also be stated on each such document [s. 280].

If (a) a receiver makes default for more than 14 days after
written notice has been served on him to make good the default
in filing, delivering or making any return, account or other
document, or in giving any notice required by law, or (b) any
receiver or manager appointed by the debenture holders or
trustees for them fails, after demand by the liquidator therefor,
to render proper accounts and pay the amount due to the
liquidator, the Court may order the default to be made good
and direct the costs of the application to be borne by the
receiver [s. 3II].