Section 69: Preliminary resolution
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
69. Preliminary resolution
(1) The creditors of a bankrupt may accept a composition in satisfaction of
the debts due to them from the bankrupt by passing a special resolution that
contains the terms of the composition to be known as the preliminary resolution.
(2) If there is more than one class of creditor, the delay of one class in
accepting, or the failure of one class to accept, shall not prevent any other
class from accepting the composition.