(1) A receiver or receiver-manager appointed by a Court shall act in accordance with any directions of the Court.
(2) A receiver-manager appointed by the Registrar shall act in accordance with any directions of the Registrar.
(3) A receiver or receiver-manager appointed under an instrument shall act in accordance with that instrument and any direction that the Court may make under section 155.
(4) A receiver or receiver-manager shall—
(a) act honestly and in good faith; and
(b) deal with any property of the society in his or her possession or control in a commercially reasonable manner.