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65. Mandatory requirements concerning Debt Settlement Arrangement.
(1) Subject to the mandatory requirements referred to in subsection (2), the terms of a Debt Settlement Arrangement shall be those which are agreed to by the debtor and, subject to this Chapter, approved by a majority of the debtor's creditors in accordance with this Chapter.
(2) The mandatory requirements referred to in subsection (1) are:
(a) the maximum duration of a Debt Settlement Arrangement shall be 60 months but a Debt Settlement Arrangement may provide that this period may be extended for a further period of not more than 12 months in such circumstances as are specified in the terms of the Debt Settlement Arrangement;
(b) where the debtor performs all of his or her obligations specified in a Debt Settlement Arrangement, he or she shall stand discharged from the remainder of the debts covered by the Debt Settlement Arrangement;
(c) a Debt Settlement Arrangement shall not require the debtor to sell any of his or her assets that are reasonably necessary for the debtor's employment, business or vocation unless the debtor explicitly consents to such sale;