(1) The managing agent of a company shall be deemed to have been suspended from his office as such, if a receiver is appointed for his property -
(a) by a Court, or
(b) by or on behalf of the creditors of the managing agent, including the holders of debentures issued by the managing agent, in pursuance of any power conferred by an instrument executed by the managing agent :
Provided that the Court which appointed the receiver, or which will have jurisdiction to wind up the managed company, as the case may be, may, by order, direct that the managing agent shall continue to act as such for such period and subject to such restrictions and conditions, if any, as may be specified in the order.
(2) The Court may, at any time, cancel or vary any order passed by it under the proviso to sub-section (1).
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