Paragraph 16 F1

Paragraph 41 is modified so as to read as follows—

“41.

(1)

When an administration order takes effect in respect of a partnership any agricultural receiver of the partnership shall vacate office.

(2)

Where a partnership is in administration, any receiver of part of the partnership property shall vacate office if the administrator requires him to.

(3)

Where an agricultural receiver vacates office under sub-paragraph (1) or (2), his remuneration shall be charged on and paid out of any partnership property which was in his custody or under his control immediately before he vacated office.

(4)

In the application of sub-paragraph (3)—

(a)

“remuneration” includes expenses properly incurred and any indemnity to which the agricultural receiver is entitled out of the partnership property,

(b)

the charge imposed takes priority over security held by the person by whom or on whose behalf the agricultural receiver was appointed, and

(c)

the provision for payment is subject to paragraph 43.”.