65   Appointment of receiver

(1)  If for six months default is made by the board in making any payment whether of principal or interest to the holder of any debenture, coupon, mortgage deed or bond issued under the provisions of this Act, the holder may apply to the Supreme Court in its equitable jurisdiction for the appointment of a receiver of the rates and other income of the board.

(2)  The court may make such orders and give such directions as it may deem proper for and with respect to:

(a)  the appointment of a receiver,

(b)  the removal of a receiver,

(c)  the appointment of a receiver in place of a receiver previously appointed.

(3)  A receiver shall be deemed to be an officer of the court, and shall act under its direction.