(a) After the hearing on the merits, the Court may appoint a receiver from the list provided by the licensing agency if it finds that one of the grounds in section 7202 of this chapter is satisfied, and that the person is qualified to perform the duties of a receiver as provided for in section 7205 of this chapter.

(b) The Court shall set a reasonable compensation for the receiver and may require the receiver to furnish a bond with surety as the Court may require. Any expenditure, including the compensation of the receiver, shall be paid from the revenues of the facility.

(c) The Court may order limitations and conditions on the authority of the receiver provided for in section 7207 of this chapter. The order shall divest the owner and licensee of possession and control of the facility during the period of receivership under the conditions specified by the Court.

(d) An order issued pursuant to this section shall confirm on the receiver all rights and powers described in section 7207 of this chapter and shall provide the receiver with the authority to conduct any act authorized under this section, including managing the accounts, banking transactions, and payment of debts.

(e) An order appointing a receiver under this chapter has the effect of a license for the duration of the receivership and of suspending the license of the licensee. The receiver shall be responsible to the Court for the conduct of the facility during the receivership, and a violation of regulations governing the conduct of the facility, if not promptly corrected, shall be reported by the licensing agency to the Court. The order shall not remove the obligation of the receiver to comply with all relevant federal and State rules applicable to the facility.

(f) The Court shall order regular accountings by the receiver at least semiannually. (Added 2009, No. 36, § 2.)