(1) Whenever the High Court confirms and sanctions a scheme under this Part of this Act, such confirmation and sanction shall, notwithstanding anything in the memorandum of association of any of the promoting companies concerned in such scheme, be effectual to bind all shareholders and policy holders in and all creditors and debtors of every such promoting company.
(2) Whenever the High Court confirms and sanctions a scheme under this Part of this Act, such one as the High Court shall direct of the promoting companies concerned in such scheme shall, within twenty-one days after such confirmation and sanction, deliver to the Minister and to the Registrar of Companies a copy of such scheme as confirmed and sanctioned by the High Court and also a certified copy of the order of the High Court confirming and sanctioning such scheme, and if such promoting company fails so to do every director of such promoting company shall be guilty of an offence under this section and shall be liable