Section 378. Vacancy in office of receiver or receiver and manager

(1) The office of a receiver or receiver and manager shall become vacant if the person holding the office—

(a) resigns;

(b) dies;

(c) becomes disqualified by any of the reasons under paragraph 373(b) or (c);

(d) is terminated or removed under the instrument appointing a receiver or receiver and manager or where there is no instrument appointing a receiver or receiver and manager, by the Court;

(e) assigns his estate for the benefit of his creditors or makes an arrangement with his creditors under any laws relating to bankruptcy; or

(f) is convicted of an offence involving fraud or dishonesty punishable on conviction by imprisonment for three months or more.

(2) A receiver or receiver and manager appointed under a power conferred by an instrument may resign from office by giving written notice not less than fourteen days of his intention to resign to the person by whom he was appointed.

(3) A receiver or receiver and manager appointed by the Court shall not resign without first obtaining the leave of the Court to do so.

(4) A person vacating the office of receiver or receiver and manager shall, where practicable, provide such information and give such assistance in the conduct of the receivership to his successor as that person reasonably requires.

(5) On the application of a person appointed to fill a vacancy in the office of receiver or receiver and manager, the Court may make any order that the Court considers necessary or desirable to facilitate the performance of his duties.