487. Remuneration of receiver.

A receiver appointed under the statutory power1 is entitled to retain out of any money received by him a commission at such rate, not exceeding 5 per cent on the gross amount of all money received, as is specified in his appointment, and, if no rate is specified, then at the rate of 5 per cent on that gross amount, or at such other rate as the court thinks fit to allow, on the receiver's application2. The rate thus determined covers the receiver's remuneration and all costs, charges and expenses incurred by him as receiver