(1) If the trustees of library land—
(a) fail to repay money borrowed under this Part; or
(b) fail to pay interest in respect of money so borrowed—
as and when the payment is due, the lender or the holder for the time being of a deed of assignment or debenture may apply to the Supreme Court for an order under subsection (2).
(2) On application in accordance with subsection (1), the Supreme Court may make an order appointing a receiver for the whole or a specified part of rents payable or which may become payable to the trustees, to the extent that the Court considers necessary for repayment of the loan and payment of interest.
(3) If a receiver has been appointed under subsection (2), the person who applied for the receiver's appointment or the receiver may apply to the Supreme Court for an order under subsection (4).
(4) On application in accordance with subsection (3), the Court may make an order terminating the receiver's appointment.
(5) When making an order under subsection (2) or (4), the Court may make any other incidental order that it considers appropriate.
(6) A receiver appointed under this section—
(a) is deemed to be an officer of the Supreme Court and is subject to its direction; and
(b) is entitled to receive rents from time to time becoming payable to the trustees in accordance with the order of appointment; and
(c) is entitled to receive out of the money coming into the receiver's hand under paragraph (b) any commission or remuneration that the Supreme Court determines; and
(d) after deducting any commission or remuneration to which the receiver is entitled, and expenses of the receivership, must hold any money coming into the receiver's hand in accordance with the order for the benefit of the lender or the holder for the time being of any relevant deed of assignment or debenture.