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Consideration by members and creditors of proposals.
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23.—(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.
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(2) At a meeting to which this section applies a modification of the proposals may be put to the meeting but may only be accepted with the consent of the examiner.
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(3) Proposals shall be deemed to have been accepted by a meeting of members or of a class of members if a majority of the votes validly cast at that meeting, whether in person or by proxy, are cast in favour of the resolution for the proposals.
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(4) Proposals shall be deemed to have been accepted by a meeting of creditors or of a class of creditors when a majority in number representing a majority in value of the claims represented at that meeting have voted, either in person or by proxy, in favour of the resolution for the proposals.
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(5) (a) Where a State authority is a creditor of the company, such authority shall be entitled to accept proposals under this section notwithstanding—
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(i) that any claim of such authority as a creditor would be impaired under the proposals, or
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(ii) any other enactment.
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(b) In this subsection, “State authority” means the State, a Minister of the Government or the Revenue Commissioners.
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(6) Section 144 of the Principal Act shall apply to any resolution to which subsection (3) or (4) relates which is passed at any adjourned meeting.
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(7) Section 202, subsections (2) to (6), of the Principal Act shall, with the necessary modifications, apply to meetings held under this section.
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(8) With every notice summoning a meeting to which this section applies which is sent to a creditor or member, there shall be sent also a statement explaining the effect of the compromise or scheme of arrangement and in particular stating any material interests of the directors of the company, whether as directors or as members or as creditors of the company or otherwise and the effect thereon of the compromise or arrangement, insofar as it is different from the effect on the like interest of other persons.
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