Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
  Version 3 of 3    

161. Proposals for compromise or scheme of arrangement.

(1) Proposals for a compromise or scheme of arrangement shall -

(a) specify the members and each class of creditors of the credit union;

(b) specify any members or class of creditors whose interests or claims will not be impaired by the proposals;

(c) specify any members or class of creditors whose interests or claims will be impaired by the proposals;

(d) provide equal treatment for each interest or claim of a member or class of creditor unless the holder of a particular interest or claim agrees to less favourable treatment;

(e) provide for the implementation of the proposals;

(f) if the examiner considers it necessary or desirable to do so to ensure that there is a reasonable prospect of the survival of the credit union as a going concern, specify whatever changes should be made in relation to the management or direction of the credit union;

(g) if the examiner considers it necessary or desirable as mentioned in paragraph (f), specify any changes he considers should be made in the ru