Section 263 - Duties of receivers

(1) A receiver shall exercise the powers of that receiver in good faith and for proper purpose.

(2) In the exercise of the powers conferred under subsection (1), and section 266, the receiver or manager in the case of a receiver or manager appointed out of Court may give special, but not exclusive, consideration to the interests of those on whose behalf the appointment is made.

(3) Pursuant to subsections (1) and (2), a receiver shall exercise the powers of that receiver with reasonable regard to the interests of

(a) secured creditors,

(b) the company,

(c) any person claiming through the company, an interest in the property in receivership,

(d) unsecured creditors of the company, and

(e) any surety that may be called on to fulfil obligations of the company.

(4) A receiver that exercises a power of sale of property in receivership shall obtain the best price reasonably obtainable as at the time of sale.

(5) Where a receiver appointed out of Court acts or refrains from acting in accordance with any directions given by the person in whose interests that receiver was appointed, the receiver

(a) is not in breach of the duty referred to in subsection (3), but

(b) is still liable for any breach of the duty referred to in subsection (1).

(6) A receiver shall keep money relating to the property in receivership separate from other moneys received in the course of, but not relating to, the receivership and from other moneys held by or under the control of the receiver.

(7) A receiver shall at all times keep accounting records that correctly record and explain the receipts, expenditure and other transactions relating to the property in receivership.

(8) A receiver shall retain accounting records for at least six years after the receivership is determined.