(1) An order for the judicial management of a company or any part of the business of a company shall be subject to this section and sections 42 to 47.
(2) The court shall appoint a judicial manager who shall receive such remuneration from the company as it directs and it may at any time cancel the appointment and appoint some other person as the judicial manager.
(3) The court may, if it thinks fit, charge the remuneration charges and expenses of the judicial manager on the property of the company in such order of priority, in relation to any existing charges on that property, as it thinks fit.
(4) Where the court by order directs that a company or any part of the business of a company be placed under judicial management, the management of the company or of that part of its business to which the order relates shall, on and after the date specified in the order, vest exclusively in the judicial manager, who shall have complete control of the management of the company notwithstanding any appointment of a receiver prior or subsequent to the appointment of the judicial manager.
(5) A person who is appointed judicial manager shall not, except with the leave of the court, issue any new policies except paid up policies.
(6) The court shall issue to the judicial manager such directions regarding his or her powers and duties as it considers necessary.
(7) The judicial manager shall act under the control of the court and may at any time apply to the court for instructions as to the manner in which he or she shall conduct the judicial management or in relation to any matter arising in the course of the judicial management.
(8) The judicial manager shall give the Registrar such information as the Registrar may require and shall report to the Registrar whenever he or she intends to apply to the court for instructions and shall, at the same time furnish the Registrar with particulars of the application.
(9) The Registrar is entitled to be heard on any application made under subsection (7) and may make an application to the court to be heard on any matter relating to the conduct of the judicial management.