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Amendment of section 23 of Act of 1990.
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23.—Section 23 of the Act of 1990 is hereby amended—
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(a) in subsection (1), by the substitution for “compromise or scheme of arrangement,” of “compromise or scheme of arrangement; save where expressly provided otherwise in this section, this section shall not authorise, at such a meeting, anything to be done in relation to such proposals by any member or creditor.”,
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(b) by the deletion of subsection (3),
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(c) by the insertion of the following subsection after subsection (4):
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“(4A) Nothing in subsection (4) shall, in the case of a creditor who abstains from voting, or otherwise fails to cast a vote, in respect of the proposals, be construed as permitting such an abstention or failure to be regarded as a casting by that person of a vote against the proposals.”,
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(d) in subsection (6), by the deletion of “(3) or”,
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and
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(e) by the addition of the following subsection after subsection (8):
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“(9) Without prejudice to subsections (1) to (8), in the case of a company referred to in paragraph (b) or (c) of section 3(2), the examiner shall also afford the Central Bank an opportunity to consider the proposals for a compromise or scheme of arrangement and for this purpose shall furnish to the Central Bank a statement containing the like information to that referred to in subsection (8).”,
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and the said subsections (1) and (6), as so amended, are set out in paragraphs 1 and 2, respectively, of the Table to this section.
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TABLE
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1. (1) This section applies to a meeting of members or creditors or any class of members or creditors summoned to consider proposals for a compromise or scheme of arrangement; save where expressly provided otherwise in this section, this section shall not authorise, at such a meeting, anything to be done in relation to such proposals by any member or creditor.
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2. (6) Section 144 of the Principal Act shall apply to any resolution to which subsection (4) relates which is passed at any adjourned meeting.
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