Article 53 - Decisions of meetings

(1) The meeting summoned under Article 52 shall decide whether to approve the proposed Arrangement (with or without modifications).
(2) Subject as follows, at the meeting for any resolution to be passed approving any proposal or modification there must be a majority in excess of three quarters in value of the creditors present in person or by proxy and voting on the resolution.
(3) Any resolution is invalid if those voting against it include more than half in value of the creditors who are not, to the best of the chairman's belief, Connected Persons.
(4) A meeting so summoned shall not approve any proposal or modification which affects the right of a preferential creditor or a secured creditor of the Company to enforce his rights or his security, except with the concurrence of the creditor concerned.
(5) The meeting may appoint the Administrator or some other person as Supervisor of the Arrangement. The function of the Supervisor is to implement the Arrangement in accordance with its terms.