Section 238: Pooled property owners

238. Pooled property owners (1) On the application of the administrator, the Court may order that, for the purposes of this section, pooled property owners are a separate class. (2) Every pooled property owner is bound by a deed of company arrangement as if he had voted in favour of the resolution at the watershed meeting where— (a) the Court has ordered that the pooled property owners are a separate class; (b) at the watershed meeting the creditors (including the pooled property owners) approved the resolution; and (c) the requisite majority of the pooled property owners were included in the creditors who voted in favour of the resolution. (3) It is not necessary that a separate meeting of the pooled property owners be held for the purpose of voting on the resolution. (4) This section shall be in addition to, and not in derogation from sections 265 and 266. (5) In this section— “pooled property owners” means all of the owners or lessors of property that is pooled in a single enterprise forming part of the business of a company in administration; “requisite majority” means a majority in number representing 75 per cent in value of the pooled property owners voting in person or by proxy vote or by postal vote; “resolution” means a resolution that a company in administration execute the deed of company arrangement specified in the resolution.