Article 54 - Effect of approval

(1) This Article 54 has effect where the meeting summoned under Article 52 approves the Arrangement.
(2) The approved Arrangement takes effect as if made by the Company at the creditors' meeting, and binds every person as if he were a party to the Arrangement if, in accordance with these Regulations:
(A) the Administrator had taken all reasonable steps to give notice to that person (whether or not he had received notice); and
(B) he was entitled to vote at that meeting (whether or not he was present or represented at the meeting).