(a) two years after the person entitled to bring the action first had knowledge of the loss or damage; or

(b) ten years after the date the printed search result was issued,

whichever is earlier.

(4) Notwithstanding the Proceedings Against the Crown Act, no action may be brought against Her Majesty in right of the Province, the Registrar, a deputy registrar or an officer, employee or agent of the Registry for any error or omission of the Registrar, deputy registrar, officer, employee or agent of the Registry in respect of the discharge or purported discharge of any duty or function under this Act or the regulations or any other Act or the regulations pursuant to that Act, except as provided in this Section and in Section 54. 1995-96, c. 13, s. 53.

Action by trustee

54 (1) An action for recovery of damages pursuant to Section 53 brought by a trustee under a trust indenture or by a person with an interest in a trust indenture shall be brought on behalf of all persons with interests in the same trust indenture, and the judgment in the action, except to the extent that it provides for a subsequent determination of the amount of damages suffered by each person, constitutes a judgment between each person and Her Majesty in right of the Province in respect of each error or omission.

(2) In an action brought by a trustee under a trust indenture or by a person with an interest in a trust indenture, proof that each person relied on the search result is not necessary if it is established that the trustee relied on the search result, but no person is entitled to recover damages under this Section if the person knows at the time of acquisition of an interest in the collateral that the search result relied upon by the trustee is incorrect.

(3) In proceedings under this Section, the Court may make any order that it considers appropriate in order to give notice to the persons with an interest in the same trust indenture.

(4) Subject to subsection 55(1), the Court may order payment of all or a portion of the damages awarded to identified persons with interests in the same trust indenture at any time after judgment, and the obligation of Her Majesty in right of the Province to satisfy the judgment is satisfied to the extent that payment is so made. 1995-96, c. 13, s. 54.

Recovery from Crown

55 (1) The total amount recoverable in a single action pursuant to Section 53, and the total amount recoverable for all claims in a single action pursuant to Section 54, shall not exceed the amounts prescribed.

(2) Where damages are paid to a claimant under this Section, Her Majesty in right of the Province is subrogated to the rights of the claimant against any person indebted to the claimant whose debt to the claimant was the basis of the loss or damage in respect of which the claim was paid.

(3) Where the amount of the damages paid to a claimant is less than the value of the interest the claimant would have had if the error or omission had not occurred, the right of subrogation under subsection (2) does not prejudice the right of the claimant to recover in priority to Her Majesty in right of the Province an amount equal to the difference between the amount paid to the claimant and the value of the interest the claimant would have had if the error or omission had not occurred.

(4) The Minister of Finance may, without action being brought, pay out of the Consolidated Fund of the Province, the amount of a claim against Her Majesty in right of the Province when furnished with a report of the Registrar setting forth the facts and the opinion of the Registrar that the claim is just and reasonable.

(5) Where an award of damages has been made in favour of a claimant and the time for appeal has expired, or when an appeal is taken and is disposed of, in whole or in part, in favour of the claimant, the Minister of Finance shall authorize payment out of the Consolidated Fund of the Province, subject to subsection (1), of the amount specified in the judgment in the manner specified in the judgment, including the costs of the claimant if the judgment so provides. 1995-96, c. 13, s. 55.

Application and interpretation of Part

56 (1) This Part does not apply to

(a) a transaction referred to in subsection 4(2); or

(b) a transaction between a pledgor and a pawnbroker.

(2) In this Section, "secured party" includes a receiver.

(3) The rights and remedies in this Part are cumulative.

(4) Subject to any other Act or rule of law to the contrary, where the same obligation is secured by an interest in land and by a security interest to which this Act applies, the secured party may

(a) proceed pursuant to this Part as to the personal property; or

(b) proceed as to both the land and the personal property in which case the secured party shall proceed as against the personal property in accordance with the secured partys rights, remedies and obligations in respect of the land, as if the personal property were land, and this Part, except for subsections 59(3) to (7), does not apply.

(5) Clause (4)(b) does not limit the rights of a secured party who has a security interest in the personal property taken before or after the security interest referred to in subsection (4).

(6) A secured party referred to in subsection (5)

(a) has standing in proceedings taken pursuant to clause (4)(b); and

(b) may apply to the Court for the conduct of a judicially supervised sale pursuant to clause (4)(b).

(7) For the purpose of distributing the proceeds realized from the sale of both land and personal property where the purchase price is not allocated to each separately, the amount that is attributable to the sale of the personal property is that proportion of the total proceeds that the market value of the personal property at the time of the sale bears to the market value of the land and the personal property at the time of the sale.

(8) A security interest does not merge merely because a secured party has reduced the claim to judgment. 1995-96, c. 13, s. 56.

Rights and remedies of secured party

57 (1) In this Section, "secured party" includes a receiver.

(2) Subject to subsection (4), where the debtor is in default under a security agreement, the secured party has against the debtor only

(a) the rights and remedies provided in the security agreement;

(b) the rights and remedies provided in this Part and Sections 37, 38 and 39; and

(c) when in possession of the collateral, the rights and remedies provided in Section 18.

(3) Subject to subsection (4), where the debtor is in default under a security agreement, the debtor has against the secured party the rights and remedies provided

(a) in the security agreement;

(b) by any other Act or rule of law not inconsistent with this Act; and

(c) in this Part and in Section 18.

(4) Except as provided in Sections 18, 60, 61 and 63, no provision of Section 18 or Sections 58 to 67, to the extent that the provision gives rights and remedies to the debtor or imposes obligations on the secured party, can be waived or varied by agreement or otherwise. 1995-96, c. 13, s. 57.

Rights of secured party and debtor

58 (1) In this Section, "secured party" includes a receiver.

(2) Where the debtor is in default under a security agreement, the secured party may

(a) notify a debtor on an intangible or chattel paper or an obligor on an instrument or security to make payment to the secured party whether or not the assignor was making collections on the collateral before the notification;

(b) apply any money taken as collateral or paid to the secured party pursuant to clause (a) to the satisfaction of the obligation secured by the security interest; and

(c) subject to Section 60, take control of any proceeds to which the secured party is entitled under Section 29.

(3) A secured party who enforces a security interest by giving notice in accordance with clause (2)(a) shall notify the debtor within fifteen days after doing so.

(4) A secured party may deduct reasonable collection expenses from

(a) amounts collected from a debtor on an intangible or chattel paper or from an obligor under an instrument; or

(b) money held as collateral. 1995-96, c. 13, s. 58.

Rights and duties of secured party on default

59 (1) In this Section,

(a) "dependant" means a person living with a debtor who is wholly or substantially dependent on the debtor for financial support;

(b) "secured party" includes a receiver.

(2) Subject to subsections (3) to (7), Sections 37, 38 and 39, the Bankruptcy and Insolvency Act (Canada) and any other Act or rule of law requiring a secured party to give prior notice of the intention to enforce a security interest, if the debtor is in default under a security agreement,

(a) the secured party has, unless otherwise agreed, the right to take possession of the collateral or otherwise enforce the security interest by any method permitted by law;

(b) the secured party may, if the collateral is goods of a kind that cannot be readily moved from the debtors premises or of a kind for which adequate storage facilities are not readily available, seize or repossess the collateral without removing it from the debtors premises in any manner by which a sheriff acting under an execution order may seize without removal, if the secured partys interest is perfected by registration pursuant to Section 26;

(c) the secured party may, if clause (b) applies, dispose of the collateral on the debtors premises but shall not cause the person in possession of the premises any greater inconvenience and cost than is necessarily incidental to the disposal; and

(d) the secured party may, if the collateral is a document of title, proceed either as to the document of title or as to the goods covered by it, and any method of enforcement that is available with respect to the document of title is also available, mutatis mutandis, with respect to the goods covered by it.

(3) Subject to subsection (7), a debtor may claim the following items of collateral to be exempt from seizure by a secured party:

(a) furniture, household furnishings and appliances used by the debtor or a dependent to a realizable value of five thousand dollars or to any greater amount that may be prescribed;

(b) one motor vehicle having a realizable value of not more than six thousand five hundred dollars at the time the claim for exemption is made, or not more than any greater amount that may be prescribed, if the motor vehicle is required by the debtor in the course of or to retain employment or in the course of and necessary to the debtors trade, profession or occupation or for transportation to a place of employment where public transportation facilities are not reasonably available;

(c) medical or health aids necessary to enable the debtor or a dependent to work or to sustain health;

(d) consumer goods in the possession and use of the debtor or a dependent if, on application, the Court determines that

(i) the loss of the consumer goods would cause serious hardship to the debtor or dependent, or

(ii) the costs of seizing and selling the goods would be disproportionate to the value that would be realized.

(4) A dependant may claim an item of collateral within clause (3)(a), (c) or (d) to be exempt from seizure but a claim may not be made by both a debtor and a dependant with respect to an item of the same kind.

(5) Where a claim for exemption is made pursuant to clause (3)(a) or (b) and the realizable value of the collateral for which the claim is made exceeds the maximum amount of the exemption specified in those clauses, the secured party may seize the collateral.

(6) A secured party who seizes collateral in the circumstances referred to in subsection (5) shall dispose of it in accordance with Section 60 and shall pay to the debtor an amount equivalent to the maximum amount of the exemption, whether or not the proceeds of the disposition exceed that maximum amount.

(7) Clauses (3)(a) to (c) and subsections (4), (5) and (6) do not apply in relation to goods that are subject to a purchase money security interest held by the secured party against whom the claim to exemption is made. 1995-96, c. 13, s. 59.

Disposal of collateral by secured party

60 (1) In subsections (2), (7) and (15), "secured party" includes a receiver.

(2) After seizing or repossessing the collateral, a secured party may dispose of it in its existing condition or after repair, processing or preparation for disposition.

(3) The proceeds of the disposition of collateral shall be applied consecutively to

(a) the reasonable expenses of seizing, repossessing, holding, repairing, processing or preparing for disposition and disposing of the collateral and any other reasonable expenses incurred by the secured party; and

(b) the satisfaction of the obligations secured by the security interest of the party making the disposition.

(4) Any surplus proceeds of the disposition of collateral shall be dealt with in accordance with Section 61.

(5) Collateral may be disposed of

(a) by private sale;

(b) by public sale, including public auction or closed tender;

(c) as a whole or in commercial units or parts; or

(d) if the security agreement so provides, by lease.

(6) Where the security agreement so provides, the payment for the collateral being disposed of may be deferred.

(7) The secured party may delay disposition of the collateral, in whole or in part.

(8) Not less than twenty days before disposition of the collateral, the secured party shall give a notice to

(a) the debtor and any other person who is known by the secured party to be an owner of the collateral;

(b) each creditor or person with a security interest in the collateral whose security interest is subordinate to that of the secured party and

(i) who has registered, before the notice of disposition is given to the debtor, a financing statement that includes the name of the debtor or that includes the serial number of the collateral if the collateral is goods of a kind that are prescribed as serial numbered goods, or

(ii) whose security interest was perfected by possession when the secured party seized or repossessed the collateral;

(c) each judgment creditor whose interest in the collateral is subordinate to that of the secured party and who has registered, before the notice of disposition is given to the debtor, a notice of judgment that includes the name of the debtor or that includes the serial number of the collateral if the collateral is goods of a kind that are prescribed as serial numbered goods; and

(d) any other person with an interest in the collateral who has given a written notice to the secured party of that persons interest in the collateral before the notice of disposition is given to the debtor.

(9) A notice pursuant to subsection (8) shall contain

(a) a description of the collateral;

(b) a statement of the amount required to satisfy the obligation secured by the security interest;

(c) a statement of the sum actually in arrears, exclusive of the operation of an acceleration clause in the security agreement;

(d) a brief description of any default, other than non-payment, including the term of the security agreement, the breach of which constituted the default;

(e) a statement of the amount of the expenses referred to in clause (3)(a) or, where the amount has not been determined, a reasonable estimate;

(f) a statement that any person entitled to receive the notice may redeem the collateral on payment of the amount due under clauses (b) and (e);

(g) a statement that the debtor may reinstate the security agreement on payment of the sum actually in arrears exclusive of the operation of an acceleration clause in the security agreement, the curing of any other default and payment of the amount of the expenses due under clause (3)(a);

(h) a statement that the collateral will be disposed of and the debtor may be liable for a deficiency unless the collateral is redeemed or the security agreement is reinstated; and

(i) a statement of the date, time and place of any sale by public auction, or the place to which closed tenders may be delivered and the date after which closed tenders will not be accepted, or the date after which any private disposition of the collateral is to be made.

(10) Where a notice pursuant to subsection (8) is given to a person other than the debtor, it need not contain the information in clauses (9)(c), (g) and (h) and, where the debtor is not entitled to reinstate the security agreement, the notice to the debtor need not contain the information in clauses (9)(c) and (g).

(11) Not less than twenty days before the disposition of the collateral, a receiver shall give a notice to

(a) the debtor and, where the debtor is a body corporate, a director of the body corporate;

(b) any other person who is known by the secured party to be an owner of the collateral;

(c) a person referred to in clause (8)(b);

(d) a creditor referred to in clause (8)(c); and

(e) any other person with an interest in the collateral who has given a written notice to the receiver of that persons interest in the collateral before the notice of disposition is given to the debtor.

(12) A notice pursuant to subsection (11) shall contain

(a) a description of the collateral;

(b) a statement that the collateral will be disposed of unless it is redeemed; and

(c) a statement of the date, time and place of any sale by public auction, or the place to which closed tenders may be delivered and the date after which closed tenders will not be accepted, or the date after which any private disposition of the collateral is to be made.

(13) A notice pursuant to subsection (8) or (11) may be given in accordance with Section 70 or, where it is to be given to a person who has registered a financing statement or a notice of judgment, by registered mail addressed to the address of that person that was registered as part of the financing statement or notice of judgment.

(14) The secured party may purchase the collateral or any part of it but only at public sale, including public auction or closed tender, and only for a price that bears a reasonable relationship to the market value of the collateral.

(15) Where a secured party disposes of collateral to a purchaser for value and in good faith who takes possession of it, the purchaser acquires the collateral, whether or not the requirements of this Section have been complied with by the secured party, free from

(a) the interest of the debtor;

(b) an interest subordinate to that of the debtor; and

(c) an interest subordinate to that of the secured party,

and all obligations secured by the subordinate interests are deemed to be performed for the purpose of Sections 50 and 51.

(16) Subsection (15) does not affect the rights of a person with a security interest that is deemed by Section 75 to be registered pursuant to this Act if the person has not been given a notice pursuant to this Section.

(17) A person who is liable to a secured party under a guarantee, endorsement, covenant, repurchase agreement or the like and who receives a transfer of collateral from the secured party or who is subrogated to the rights of the secured party has thereafter the rights and duties of the secured party, and the transfer of collateral is not a disposition of the collateral.

(18) Notice under subsection (8) or (11) need not be given if

(a) the collateral is perishable;

(b) the secured party believes on reasonable grounds that the collateral will decline substantially in value if not disposed of immediately after default;

(c) the cost of care and storage of the collateral is disproportionately large relative to its value;

(d) the collateral is of a type that is customarily sold on an organized market that handles large volumes of transactions between many different sellers and many different buyers;

(e) the collateral is money, other than a medium of exchange authorized by the Parliament of Canada as part of the currency of Canada;

(f) for any other reason, the Court, on an application made without notice to any other person, is satisfied that a notice is not required; or

(g) after default, every person entitled to receive a notice of disposition under subsection (8) or (11) consents in writing to the immediate disposition of the collateral. 1995-96, c. 13, s. 60.

Surplus and deficiency

61 (1) In this Section, "secured party" includes a receiver.

(2) Where a security agreement secures an indebtedness and the secured party has dealt with the collateral pursuant to Section 58, or has disposed of it, the secured party shall account for any surplus and shall, subject to subsection (5) or the agreement otherwise of all interested persons, pay any surplus in the following order to

(a) a creditor or person with a security interest in the collateral whose security interest is subordinate to that of the secured party and

(i) who has registered, before the distribution of the surplus, a financing statement that includes the name of the debtor or that includes the serial number of the collateral if the collateral is goods of a kind that are prescribed as serial numbered goods, or

(ii) whose security interest was perfected by possession when the secured party seized or repossessed the collateral;

(b) a judgment creditor whose interest in the collateral is subordinate to that of the secured party and who has registered, before the distribution of the surplus, a notice of judgment that includes the name of the debtor or that includes the serial number of the collateral if the collateral is goods of a kind that are prescribed as serial numbered goods;

(c) any other person with an interest in the surplus who has given a written notice to the secured party of that persons interest before the distribution of the surplus; and

(d) the debtor and any other person who is known by the secured party to be an owner of the collateral.

(3) The priority of the claim of any person referred to in subsection (2) is not prejudiced by payment to anyone in accordance with that subsection.

(4) Within thirty days after receipt of a written request for an accounting from a person referred to in subsection (2), the secured party shall give to that person a written accounting of

(a) the amount received from the disposition of any collateral or any amount collected under Section 58;

(b) the manner in which the collateral was disposed of;

(c) the amount of expenses as provided in clauses 18(3)(a) and 60(3)(a) and subsection 58(4);

(d) the distribution of the amount received from the disposition or collection; and

(e) the amount of any surplus.

(5) Where there is a question as to who is entitled to receive payment under subsection (2), the secured party may pay the surplus into the Court and the surplus shall not be paid out except on an application pursuant to Section 68 by a person claiming an entitlement to it.

(6) Unless otherwise agreed, or unless otherwise provided in this or any other Act, the debtor is liable to pay any deficiency to the secured party. 1995-96, c. 13, s. 61.

Taking collateral in satisfaction

62 (1) After default, the secured party may propose to take the collateral in satisfaction of the obligation secured by it and shall give notice of the proposal to

(a) the debtor or any other person who is known by the secured party to be an owner of the collateral;

(b) a creditor or person with a security interest in the collateral whose security interest is subordinate to that of the secured party and

(i) who has registered, before the notice of the proposal is given to the debtor, a financing statement that includes the name of the debtor or that includes the serial number of the collateral if the collateral is goods of a kind that are prescribed as serial numbered goods, or

(ii) whose security interest was perfected by possession when the secured party seized or repossessed the collateral;

(c) a judgment creditor whose interest in the collateral is subordinate to that of the secured party and who has registered, before the notice of the proposal is given to the debtor, a notice of judgment that includes the name of the debtor or that includes the serial number of the collateral if the collateral is goods of a kind that are prescribed as serial numbered goods; and

(d) any other person with an interest in the collateral who has given a written notice to the secured party of that persons interest before the notice of the proposal is given to the debtor.

(2) Where the interest in the collateral of any person entitled to a notice under subsection (1) would be adversely affected by the secured partys proposal, that person may give to the secured party a notice of objection within fifteen days after the notice under subsection (1) is given.

(3) Subject to subsections (6) and (7), where a notice of objection is given pursuant to subsection (2), the secured party shall dispose of the collateral pursuant to Section 60.

(4) Where no notice of objection is given pursuant to subsection (2), the secured party

(a) is deemed, on the expiry of the fifteen-day period or periods referred to in subsection (2), to have irrevocably elected to take the collateral in satisfaction of the obligation secured by it; and

(b) may hold or dispose of the collateral free from all rights and interests of the debtor and any person entitled to receive a notice under clause (1)(b), (c) or (d) who has been given the notice,

and all obligations secured by such interests are deemed to have been performed for the purpose of Sections 50 and 51.

(5) A notice of a proposal pursuant to subsection (1) and a notice of objection pursuant to subsection (2) may be given in accordance with Section 70 or, where the notice is to be given to a person who has registered a financing statement or a notice of judgment, by registered mail addressed to the address of that person that was registered as part of the financing statement or notice of judgment.

(6) The secured party may require any person who has made an objection to the proposal to furnish proof of that persons interest in the collateral and, unless the person furnishes the proof within ten days after the secured partys request, the secured party may proceed as if no objection had been made by that person.

(7) On application by a secured party, the Court may determine that an objection to the proposal of a secured party is ineffective because

(a) the person made the objection for a purpose other than the protection of an interest in the collateral or in the proceeds of a disposition of the collateral; or

(b) the market value of the collateral is less than the total amount owing to the secured party together with the estimated expenses recoverable under clause 60(3)(a).

(8) Where a secured party disposes of collateral to a purchaser for value and in good faith who takes possession of it, the purchaser acquires the collateral, whether or not the requirements of this Section have been complied with by the secured party, free from

(a) the interest of the debtor and the secured party; and

(b) any interest subordinate to that of the debtor and the secured party,

and all obligations secured by the subordinate interests are deemed to have been performed for the purpose of Sections 50 and 51.

(9) Subsection (8) does not affect the rights of a person with a security interest that is deemed by Section 75 to be registered pursuant to this Act if the person has not been given a notice pursuant to subsection (1). 1995-96, c. 13, s. 62.

Redemption

63 (1) In subsection (2), "secured party" includes a receiver.

(2) At any time before the secured party has disposed of the collateral or contracted for its disposition pursuant to Section 60, or before the secured party is deemed to have irrevocably elected to retain the collateral under Section 62, any person entitled to receive a notice of disposition under subsection 60(8) or (11) may redeem the collateral, unless that person has otherwise agreed in writing after default, by tendering fulfillment of the obligations secured by the security interest, together with a sum equal to the reasonable expenses referred to in clause 60(3)(a) to the extent that such expenses have actually been incurred by the secured party.

(3) Where more than one person elects to redeem pursuant to subsection (2), the priority of their rights to redeem is the same as the priority of their respective interests.

(4) At any time before the secured party has disposed of the collateral or contracted for its disposition pursuant to Section 60, or before the secured party is deemed to have irrevocably elected to retain the collateral pursuant to Section 62, the debtor, other than a guarantor or indemnitor, may reinstate the security agreement, unless the debtor has otherwise agreed in writing after default, by

(a) paying the sum actually in arrears, exclusive of the operation of an acceleration clause in the security agreement;

(b) curing any other default by reason of which the secured party intends to dispose of the collateral; and

(c) paying a sum equal to the reasonable expenses referred to in clause 60(3)(a) to the extent that such expenses have actually been incurred by the secured party.

(5) Unless otherwise agreed, the debtor may not reinstate a security agreement

(a) more than twice, if the security agreement provides for payment in full by the debtor within twelve months after value was given by the secured party; or

(b) more than twice each year, if the security agreement provides for payment by the debtor during a period of time of more than one year after value was given by the secured party. 1995-96, c. 13, s. 63.

Powers of Court

64 (1) In this Section, "secured party" includes a receiver.

(2) On application by a debtor, a creditor of a debtor, a secured party, a sheriff or any person with an interest in the collateral, the Court may

(a) make any order, including a binding declaration of a right and injunctive relief, that is necessary to ensure compliance with this Part or Sections 18, 37, 38 and 39;

(b) give directions to any person regarding the exercise of rights or the discharge of obligations under this Part or Sections 18, 37, 38 and 39;

(c) relieve a person from compliance with the requirements of this Part or Sections 18, 37, 38 and 39;

(d) stay enforcement of rights provided in this Part or Sections 18, 37, 38 and 39; or

(e) make any order necessary to ensure protection of the collateral or of the interest of any person in the collateral. 1995-96, c. 13, s. 64.

Receiver

65 (1) A security agreement may provide for the appointment of a receiver and, except as provided in this or any other Act, may provide for the receivers rights and duties.

(2) A receiver shall

(a) take custody and control of the collateral in accordance with the security agreement or order under which the receiver was appointed, but unless appointed a receiver-manager or unless the Court orders otherwise, shall not carry on the business of the debtor;

(b) as soon as possible and not later than ten days after becoming a receiver, register a notice in the Registry in accordance with the regulations disclosing the appointment and specifying an office in the Province where the records referred to in clause (d) shall be maintained;

(c) open and maintain, in the receivers name as receiver, one or more accounts at a bank, credit union or similar financial institution for the deposit of all money coming under the receivers control as receiver;

(d) keep records, in accordance with accepted accounting practices, of all receipts, expenditures and transactions involving collateral or other property of the debtor;

(e) unless a different interim period is ordered by the Court, prepare at least once in every six-month period after the date of the appointment financial statements of the receivership administration;

(f) indicate on every business letter, invoice, contract or similar document used or executed in connection with the receivership that the receiver is acting as a receiver;

(g) on completion of the receivers duties as receiver, prepare a final report and final statements of the financial accounts of the receivership administration and send copies immediately to the debtor and, where the debtor is a body corporate, to the directors of the debtor; and

(h) on termination of the receivership, discharge the registration made pursuant to clause (b).

(3) The debtor and, where the debtor is a body corporate, a director of the debtor, or the authorized representative of any of them, may require the receiver, by a demand in writing delivered to the receiver, to make available for inspection the records referred to in clause (2)(d) during regular business hours at the office of the receiver specified in accordance with clause (2)(b).

(4) The debtor and, where the debtor is a body corporate, a director of the debtor, a sheriff, a person with an interest in the collateral in the custody or control of the receiver, or the authorized representative of any of them, may require the receiver, by a demand in writing delivered to the receiver, to provide copies of the financial statements referred to in clause (2)(e) or the final report and final statements of the financial accounts referred to in clause (2)(g) or to make them available for inspection during regular business hours at the office of the receiver specified in accordance with clause (2)(b).

(5) The receiver shall comply with a demand made pursuant to subsection (3) or (4) within ten days after receipt of the demand.

(6) The receiver may require the payment in advance of a fee in the amount prescribed for each demand, but the sheriff and the debtor or, where the debtor is a body corporate, a director of the debtor, are entitled to inspect or to receive a copy of the financial statements and final account without charge.

(7) On application by an interested person, the Court may

(a) appoint a receiver;

(b) remove, replace or discharge a receiver, whether appointed by the Court or in accordance with a security agreement;

(c) give directions on any matter relating to the duties of a receiver;

(d) approve the accounts and fix the remuneration of a receiver;

(e) make an order requiring a receiver or a person by or on behalf of whom the receiver is appointed to make good a default in connection with the receivers custody, management or disposition of the collateral of the debtor or to relieve the person from any default on such terms as the Court thinks fit, notwithstanding anything contained in a security agreement or other document providing for the appointment of a receiver;

(f) exercise with respect to receivers appointed in accordance with a security agreement the jurisdiction that it has over receivers appointed by the Court.