Malaysia legislation
Section 48
Section 48
(a)
the approval of the proposal by the secured creditors of the affected person under section 46; or
(b)
where there are no secured creditors known to the Special
Administrator, the approval of the proposal by the
Corporation under subsection 45(2), propose modifications to the proposal.
(2)
The Independent Advisor appointed in relation to the affected person shall review the reasonableness of the proposed modifications and shall determine the necessity to convene a meeting of the secured creditors to approve the proposed modifications.
(3)
The decision of the Independent Advisor under subsection (2)
shall be binding on the Special Administrator, the affected person, all
56 Laws of Malaysia members and creditors of the affected person and any other person affected by the proposal, whether or not the person had knowledge or notice of the modified proposal.
(4)
If the Independent Advisor thinks that it is necessary to convene a meeting of the secured creditors to consider the proposed modifications, the Special Administrator shall within sixty days from the receipt of the report of the Independent Advisor on the proposed modifications or such extended period as may be granted by the
Corporation, convene such meeting.
(5)
The Special Administrator shall, prior to the meeting convened under subsection (4) send by prepaid registered post or in such other manner prescribed under this Act to the last known address of the affected person and each of the secured creditors of the affected person known to the Special Administrator—
(a)
a copy of the proposed modifications;
(b)
a copy of the report of the Independent Advisor on the proposed modifications;
(c)
where the Corporation deems appropriate, a memorandum from the Corporation setting out such matters which in the view of the Corporation should be taken into account by the secured creditors in considering the proposed modifications; and
(d)
a notice of the meeting of secured creditors for the proposed modifications set out in this section.
(6)
The meeting of the secured creditors of the affected person to consider the proposed modifications shall be convened and conducted in the manner set out in section 46.
(7)
If the Independent Advisor thinks that it is not necessary to convene a meeting of the secured creditors within a period specified in subsection (4), the Special Administrator may implement the proposed modifications which shall be binding on the affected person, all members and creditors of the affected person and any other person affected by the proposal, whether or not the person had knowledge or notice of the modifications.
Pengurusan Danaharta Nasional Berhad 57
(8)
Without prejudice to section 49, compliance with any approval condition imposed by a regulatory body shall not be construed as a modification to the proposal for the purposes of this section.
Regulatory approval conditions