40AInstrument may provide for appointment of receiver

1. Subject to the Personal Property Securities Act 1999, and without limiting any other rights or remedies of the holder of a charge over any asset of a local authority, a water organisation, or Watercare, an instrument creating or evidencing the terms and conditions of the charge may provide for the appointment of a receiver of such assets in such terms as the parties may agree and the holder of that charge may exercise any such other rights or use any such other remedies.