Appointment, etc., of receiver
120. (1) A service manager shall not appoint a receiver or receiver and manager under paragraph 5 of subsection 116 (1) or seek the appointment of a receiver or receiver and manager under paragraph 6 of subsection 116 (1) unless, (a) a significant financial or other event has resulted in or, in the opinion of the service manager, is likely to result in the housing provider being unable to pay its debts as they become due; (b) the operation by the housing provider of the housing project has resulted in or, in the opinion of the service manager, is likely to result in, (i) significant physical deterioration of the housing project or its contents, or (ii) significant danger to the health or safety of the occupants of the housing project; or (c) in the opinion of the service manager, there is or is likely to be a misuse of the assets of the housing provider, including a misuse for personal gain by a director, employee, member or agent of the housing provider. 2000, c. 27, s. 120 (1). Powers of receiver (2) A receiver or receiver and manager appointed under paragraph 5 of subsection 116 (1) has the prescribed powers, subject to the conditions and restrictions that are set out in the terms of the appointment. 2000, c. 27, s. 120 (2). Remuneration (3) The remuneration of the receiver or receiver and manager appointed under paragraph 5 of subsection 116 (1) shall be determined by the agreement of the service manager and the receiver or receiver and manager and shall be paid out of the revenues of the housing provider. 2000, c. 27, s. 120 (3). Deemed agency (4) The receiver or receiver and manager appointed under paragraph 5 of subsection 116 (1) shall be deemed to be the agent of the housing provider, and the service manager is not responsible for the acts or omissions of the receiver or receiver and manager. 2000, c. 27, s. 120 (4). Deemed ratification (5) The housing provider shall be deemed to ratify and confirm whatever the receiver or receiver and manager appointed under paragraph 5 of subsection 116 (1) does in the course of the receivership, if it is done in accordance with this Act, the regulations and the terms of the appointment. 2000, c. 27, s. 120 (5). Deemed release (6) The housing provider shall be deemed to release and discharge the service manager, the receiver or receiver and manager appointed under paragraph 5 of subsection 116 (1) and every person for whom either of them would be responsible, from every claim of any nature arising by reason of any act or omission on the part of any of them, other than the following claims: 1. A claim for an accounting of the money and other property received by the receiver or receiver and manager in the course of the receivership. 2. A claim that is the direct and proximate result of negligence, dishonesty or fraud by the receiver or receiver and manager or by another person for whom either of them would be responsible. 2000, c. 27, s. 120 (6). Change to appointment (7) Subject to subsection (9), the service manager may change, extend or terminate the appointment of a receiver or receiver and manager appointed under paragraph 5 of subsection 116 (1) and may make a new appointment of the same person or a different person. 2000, c. 27, s. 120 (7). No powers for housing provider (8) The housing provider does not have the powers listed in subsection (7). 2000, c. 27, s. 120 (8). Period of receivership (9) The period of time for which a receiver or receiver and manager is appointed under paragraph 5 of subsection 116 (1) for a housing project shall not exceed one year, and the receivership terminates one year after the date of the appointment unless the Superior Court of Justice orders otherwise on the application of the service manager made before the expiry of the one-year period. 2000, c. 27, s. 120 (9). Directors