(1) During a company’s corporate rescue proceedings, the corporate rescue practitioner, in addition to any other powers and duties set out in this Part-
(a) has full management control of the company in substitution for its board and pre-existing management which is dissolved in terms of the provisions of section 130(2);                                                                                                               (b) may delegate any power or function of the practitioner to a person who was part of the board or pre-existing management of the company;
(c) may appoint a person as part of the management of a company, whether to fill a vacancy or not, subject to subsection (3); (d) is responsible for-
(i) developing a corporate rescue plan to be considered by affected persons, in accordance with Sub-Part D of this Part; and
(ii) implementing any corporate rescue plan that has been adopted in accordance with Sub-Part D of this Part.
(2) The corporate rescue practitioner must, as soon as practicable after appointment, inform all relevant regulatory authorities having authority in respect of the activities of the company, of the fact that the company has been placed under corporate rescue proceedings and of his or her appointment.