FORM 57 (RULE 47 (2) ) Name and address of receiver

FORM 57 (RULE 47 (2) )
[Style of proceeding]
SECURITY FOR RECEIVER
Date of this guarantee ...............[Day]...............[Month]..............[Year] .......................
Name and address of receiver.........................[Address] .............................................
Name and registered office of surety ..............................[Registered office] .......................
Liability of surety under this guarantee --------------- $ ...........................................................
Annual premium ----------------------------------------- $ ...........................................................
This guarantee is made between the RECEIVER, THE SURETY, AND HER MAJESTY THE QUEEN in
right of British Columbia.
1.
The receiver and the surety hereby jointly and severally covenant with Her Majesty the Queen
in right of British Columbia that the receiver will, from time to time, duly account for what the
receiver has already received since the date of the order appointing the receiver and shall
hereafter receive or for what since the date of the order the receiver has or shall hereafter
become liable to pay or account for as receiver [and manager] and will pay every sum of
money and deliver every property that the court may direct.
2.
If the receiver shall not, for every successive 12 months computed from the date of the
receiver’s appointment, pay at the office of the surety the annual premium noted above, then
the surety shall be at liberty to apply to be relieved from all further liability under this guarantee, except in respect of any damage or loss occasioned by any act or default of the receiver
in relation to the receiver’s duties as receiver [and manager] prior to the hearing and determination of the application.
3.
A statement under the hand of the registrar of the amount which the receiver is liable to pay and
has not paid under paragraph 1 and that the loss or damage has been incurred through the act or
default of the receiver shall be conclusive evidence in any action by Her Majesty against the
receiver and surety, or either of them, or by the surety against the receiver, of the truth of the
contents of the statement and shall constitute a binding charge not only against the receiver and
the receiver’s personal representatives, but also against the surety and its funds and property
without it being necessary for Her Majesty to take any proceedings against the surety and the
surety’s funds and property and without it being necessary for Her Majesty to take any
proceedings against the receiver for the recovery thereof and without any further or other proof
being given in that behalf in any action to enforce this guarantee.
4.
The liability of the surety under this guarantee is limited to the sum noted above, provided that
the registrar may give his or her approval in writing to the reduction of the liability of the
surety, in which event the surety’s maximum liability with respect to any acts or omissions of
the receiver subsequent to the date of the approval is reduced accordingly and provided further
that an endorsement executed by the surety increasing the liability of the surety shall be binding
on the surety with respect to any acts or omissions of the receiver subsequent to the date of that
endorsement.
5.
The receiver will, on being discharged from office or on ceasing to act as receiver [and
manager], forthwith give written notice thereof to the surety, and also within 7 days of the
notice give the surety a copy of any order discharging the receiver.
6.
The receiver and the receiver’s personal representatives will at all times hereafter indemnify the
surety against all loss, damage, costs, and expenses which the surety sustains by reason of the
surety having executed this guarantee.
In witness whereof, the receiver has hereunder set his or her hand and seal and the surety has caused its
common seal to be affixed the .......... day of .................., 20... .
SURETY
[SEAL]
RECEIVER
[SEAL]
Dated .......................................................
Approved..................................................................
Registrar
ENDORSEMENT TO GUARANTEE NO.
The liability of the surety under this guarantee has been increased from $..................to $..................,
effective ........................... with respect to any acts or omissions of the receiver subsequent to that date.
SURETY
[SEAL]