(1) The report of the examiner under section 157 shall be set down for consideration by the Court as soon as may be after receipt of the report by the Court.

(2) The following persons shall be entitled to appear and be heard at the hearing under subsection (1) -

(a) the examiner;

(b) the Bank;

(c) the credit union;

(d) [deleted]

(e) any creditor or member whose claim or interest would be impaired if the proposals for a compromise or scheme of arrangement were implemented;

and the Court may permit to appear and be heard any other person who it considers to have a sufficient interest in the matter.

(3) At a hearing under subsection (1) the Court may, as it thinks proper, subject to the provisions of this section, confirm, confirm subject to modifications, or refuse to confirm the proposals.

(4) The Court shall not confirm any proposals unless one member and one class of creditor whose interests or claims would be impaired by implementation of the proposals have accepted the proposals and the Court is satisfied that -