Canada Business Corporations Act

Marginal note:Duties of receiver, receiver-manager or sequestrator

101 A receiver, receiver-manager or sequestrator shall

• (a) immediately notify the Director of their appointment and discharge;

• (b) take into their custody and control the property of the corporation in accordance with the court order or instrument or act under which they are appointed;

• (c) open and maintain a bank account in their name as receiver, receiver-manager or sequestrator of the corporation for the moneys of the corporation coming under their control;

• (d) keep detailed accounts of all transactions carried out as receiver, receiver-manager or sequestrator;

• (e) keep accounts of their administration that shall be available during usual business hours for inspection by the directors of the corporation;

• (f) prepare at least once in every six month period after the date of their appointment financial statements of their administration as far as is practicable in the form required by section 155; and

• (g) on completion of their duties, render a final account of their administration in the form adopted for interim accounts under paragraph (f).