MORTGAGES, DEBENTURES AND RECEIVERS 205 
It has already been pointed out that amongst the remedies 
of a debenture holder, when entitled to enforce his security, 
is the right to appoint, or to apply to the Court to appoint, 
a receiver. It is common for the conditions of a debenture 
to provide that, upon the security becoming enforceable, the 
holder, or, in the case of a series of debentures, the holders of 
a certain proportion of the debentures, may, by writing 
under his or their hands, appoint a receiver with specified 
powers. But, whether or not this right exists, a debenture 
holder, when entitled to enforce his security, can always 
commence a debenture holder's action, and immediately 
after doing so can apply to the Court to appoint a receiver. 
A body corporate cannot be appointed receiver [s. 306]. 
The position of a receiver appointed by the Court differs 
radically from that of a receiver appointed by debenture 
holders themselves by virtue of a power contained in their 
debentures. If the appointment is made bv the Court, the 
official receiver can be appointed [s. 307]. 
A receiver appointed by debenture holders, or by the 
trustees of a debenture trust deed, is an agent. Whether he 
is the agent of the company, or the agent of the debenture 
holders or trustees, as the case may be, depends upon the 
construction of the terms of the power under which he is 
appointed. Frequently, he is expressly declared to be the 
agent of the company, and it is provided that the company is 
alone to be responsible for his acts or defaults. In such a 
case he incurs no personal liability for his acts [Owen v. 
Cronk (1895), 1 Q.B. 265]. As agent of the company he has 
an implied power to sue in the company’s name [I'}eeler & Co. 
v. Warren (1928), Ch. 840]. 
He may, however, be the agent of the debenture holders 
or their trustees, either by the express terms of the provisions 
ander which he is appointed, or, where his status is not 
definitely specified, upon the construction of the provisions 
ander which he is appointed. Ss. 101 to 109 of the Law of 
Property Act, 1925, are generally incorporated, as varied 
by the provisions of the power, and in spite of the fact that 
Ss. 109 (2) of that Act provides that a receiver appointed 
under the Act is to be deemed the agent of the mortgagor, 
i.e. of the company, none the less it may often be the case 
that, where those sections are incorporated and varied, a 
receiver may be held to be the agent, not of the company, 
but of the debenture holders or their trustees [see Deyes v. 
Wood (1911), 1 K.B. 806], unless the deed itself expressly 
provides that the receiver shall be the agent of the company. 
The reason of this is that the powers of a receiver appointed 
Receivers. 
Appointed by 
Debenture 
Holders.