CTHRepealedAct
Bankruptcy Act 1924
Composition or scheme not binding unlessComposition or scheme not binding unless confirmed.
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Composition or scheme not binding unless confirmed.
(a) The composition or scheme shall not be binding on the creditors unless the resolution is confirmed by an extraordinary resolution passed at a subsequent meeting of creditors or some adjournment thereof, or in such other manner as is prescribed, nor until after the lapse of seventeen days from the confirmation, and in the event of the Court appointing a day to consider the composition or scheme, it shall not be binding on the creditors until the Court has approved it;