Article 42 - Approval of substantial revisions
(1) This section applies where:
(A) proposals have been approved (with or without modifications) under Article 40; and
Administrator proposes to make revisions of those proposals which appear to him substantial.
(A) send to all creditors of the
Company (so far as he is aware of their addresses) a statement in the prescribed form of his proposed revisions; and
(B) lay a copy of the statement before a meeting of the
Company's creditors summoned, for the purpose, on not less than 14 days' notice
and he shall not make the proposed revisions unless they are approved by the meeting.
Administrator shall also send a copy of the statement (so far as he is aware of their addresses) to all members of the Company.
(4) The meeting of creditors may approve the proposed revisions with modifications, but shall not do so unless the
Administrator consents to each modification.
(5) Subject as above, the meeting shall be conducted in accordance with Article 41.
(6) After the conclusion of the meeting, the
Administrator shall give notice of the result of the meeting to the CRO.