Section 400. Decisions of meetings

(1) A meeting summoned under section 399 shall decide whether to approve the proposed voluntary arrangement or otherwise.

(2) The required majority to approve a proposal for voluntary arrangement in the creditors’ meeting shall be seventy-five per centum of the total value of creditors present and voting at the meeting either in person or by proxy.

(3) A simple majority is required to pass a resolution to approve the proposal for voluntary arrangement in a meeting of members.

(4) A meeting summoned under section 399 shall not approve any proposal which affects the right of a secured creditor of the company to enforce his security, except with the concurrence of the secured creditor concerned.

(5) Once approved by the required majority under subsections (2) and (3), the proposed voluntary arrangement shall take effect and be binding on all creditors of the company whether or not the creditors have voted in favour of the proposal.

(6) A modification in respect of the proposal shall not be allowed to be made in any of the meeting under section 399.

(7) After the conclusion of each meeting held under subsection (2) and (3), the nominee shall report the result of the meeting to the Court and shall give notice of that result to the Registrar and to such other persons or bodies as the Court may approve.