Canada Cooperatives Act

Marginal note:Appointment by court

• 281 (1) A receiver, receiver-manager or sequestrator appointed by a court must act in accordance with any directions of the court.

• Marginal note:Appointment under instrument or act

  (2) A receiver, receiver-manager or sequestrator appointed under an instrument or act must act in accordance with the instrument or act and any direction that the court may make under section 282.

• Marginal note:Duty

  (3) A receiver, receiver-manager or sequestrator must

  • (a) act honestly and in good faith; and

  • (b) deal with any property of the cooperative in their possession or control in a commercially reasonable manner.