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COMPANIES ACT 1963 - SECT 318 Power of court to fix remuneration of receiver.

318.—(1) The Court may, on an application made to it by the liquidator of a company or by any creditor or member of the company, by order fix the amount to be paid by way of remuneration to any person who, under the powers contained in any instrument, has been appointed as receiver of the property of the company notwithstanding that the remuneration of such receiver has been fixed by or under that instrument.

(2) Subject to subsection (3), the power of the court under subsection (1) shall, where no previous order has been made in relation thereto under that subsection—

( a ) extend to fixing the remuneration for any period before the making of the order or the application therefor; and

( b ) be exercisable notwithstanding that the receiver has died or ceased to act before the making of the order or the application therefor; and

( c ) where the receiver has been paid or has retained for his remuneration for any period before the making of the order any amount in excess of that fixed by the court for that period, extend to requiring him or his personal representatives to account for the excess or such part thereof as may be specified in the order.

(3) The power conferred by paragraph (c) of subsection (2) shall not he exercised in relation to any period before the making of the application for the order unless in the opinion of the court there are special circumstances making it proper for the power to be so exercised.

(4) The court may from time to time on an application made by the liquidator or by any creditor or member of the company or by the receiver, vary or amend an order made under subsection (1).

(5) This section shall apply whether the receiver was appointed before, on, or after the operative date and to periods before, as well as to periods after, the operative date.