(1) The body corporate, a creditor of the body corporate, or any person having a registered interest in a unit, may apply to the High Court for the appointment of an administrator.
(2) In the case of a layered development,—
(a) a head body corporate or parent body corporate may apply to the High Court for the appointment of an administrator of any 1 of its subsidiaries:
(b) a subsidiary body corporate may apply to the High Court for the appointment of an administrator of its parent body corporate.
(3) The High Court may, in its discretion on cause shown, appoint an administrator for an indefinite period or for a fixed period on such terms and conditions as to remuneration or otherwise as it thinks fit.
(4) The remuneration and expenses of the administrator are to be met out of the operating account.
(5) The administrator, to the exclusion of the body corporate and the body corporate committee, has and may exercise the powers of the body corporate and the committee, and is subject to the duties of the body corporate and the committee, or such of those powers and duties as the High Court orders.
(6) The administrator may, in writing, delegate any of the powers vested in the administrator and may revoke any delegation at any time.
(7) The High Court may, in its discretion on the application of the administrator or any other person referred to in subsection (1), remove or replace the administrator.
(8) On any application made under this section the High Court may make any order for the payment of costs as it thinks fit.
(9) As soon as an administrator is appointed, the administrator must lodge with the Registrar a sealed copy of the order of the High Court making the appointment.
Compare: 1972 No 15 s 40