Section 375. Appointment of receiver or receiver and manager under instrument

(1) If an instrument confers on the debenture holder the power to appoint a receiver or receiver and manager, the debenture holder may appoint a receiver or receiver and manager by an instrument in writing signed by him or on his behalf.

(2) Unless the instrument expressly provides otherwise—

(a) a receiver or receiver and manager is the agent of the company;

(b) a person appointed as a receiver may act as receiver and manager; or

(c) a power conferred to appoint a receiver or receiver and manager includes the power to appoint—

(i) two or more receivers or receiver and managers;

(ii) a receiver or receiver and manager additional to a receiver or receiver and manager in office; and

(iii) a receiver or receiver and manager to replace a receiver or receiver and manager whose office has become vacant.

(3) If two or more receivers or receiver and managers are appointed under one instrument, unless the instrument expressly provides otherwise—

(a) the functions or the powers of the receivers or receiver and managers may be performed or exercised by any one of them or by both or all of them jointly; and

(b) a reference to the receiver or receiver and manager shall be a reference to whichever one of the receivers or receiver and managers.