| Commentary

161 Formalities of appointment

| Commentary

161 Formalities of appointment

The appointment of any type of receiver of any property of a company is of no effect unless accepted (at least verbally) before the end of the business day next following that on which the instrument of appointment is received by him or on his behalf1. If so accepted, the appointment is deemed made when so received2. Where two or more persons are appointed as joint receivers or managers of a company’s property under powers contained in an instrument, the acceptance of such an appointment must be made by each of them3 as if that person

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