(1)This section applies if—
(a)a receiver stands appointed under section 48 in respect of realisable property (the management receiver), and
(b)the court appoints a receiver under section 50 or makes an order for the appointment of a receiver under section 52.
(2)The court must order the management receiver to transfer to the other receiver all property held by the management receiver by virtue of the powers conferred on him by section 49.
(3)But in a case where the court makes an order under section 52 its order under subsection (2) above does not take effect until the order under section 52 takes effect.
(4)Subsection (2) does not apply to property which the management receiver holds by virtue of the exercise by him of his power under section 49(2)(d).
(5)If the management receiver complies with an order under subsection (2) he is discharged—
(a)from his appointment under section 48;
(b)from any obligation under this Act arising from his appointment.
(6)If this section applies the court may make such a consequential or incidental order as it believes is appropriate.