71Appointment of receiver.N.I.
(1)If at any time any sums due by way of principal or interest or both on any security created by a council remain unpaid for not less than two months after demand made in writing in that behalf is served on the council, the person entitled to the security may, without prejudice to any other remedy, apply to the High Court for the appointment of a receiver, and the Court may appoint a receiver on such terms and with such functions as the Court thinks fit.
(2)The Court may confer upon the receiver any powers of the council or its officers of collecting, receiving and recovering the revenues of the council, and of making rates.
(3)A receiver appointed under this section shall have such access to and use of the books and documents of the council or any of its committees as he requires.
(4)In this section “security” means mortgage, stock or bond, or any prescribed security created in connection with the borrowing of money by a method prescribed under section 62( h).