Chargee’s powers of leasing

(1) The proprietor of a charge on land or a lease who has appointed a receiver under the powers conferred on him by section 75 shall, in the absence of any express provision to the contrary contained in the charge, have power, subject to this Act and any other law– (a) to grant leases in respect of the charged land or the land comprised in the charged lease or any part or parts thereof; and (b) to accept a surrender of any lease so granted and of any lease created by the chargor, and may, for such purposes, execute in the place of the chargor any instrument required to effect such lease or surrender. 57 (2) Every lease granted by a chargee shall– (a) be made to take effect in possession not later than twelve months after its date; (b) reserve the best rent that can reasonably be obtained, regard had to the circumstances of the case, but without a fine or premium being obtained; (c) be for a term not exceeding twenty-one years; and (d) contain a declaration by the chargee that he has appointed a receiver and the date of such