( 1) Subject to subsection (2)(a), the board of a company may resolve that the company voluntarily begin corporate rescue proceedings and place the company under supervision, if the board has reasonable grounds to believe that-
( a) the company is financially distressed; and
(b) there appears to be a reasonable prospect of rescuing the company.
(2) A resolution contemplated in subsection (I)-
(a) may not be adopted if liquidation proceedings have been initiated by or against the company; and
(b) has no force or effect until it has been filed with the Master of the High Court and
(i) the Registrar of Companies in the case of a company;

(ii) the Registrar of Co-operative Societies in the case of a Co-operative Society.
(3) Within five business days after a company has adopted and filed a resolution, as contemplated in subsection (I). or such longer time as the Master, on application b) the company, may allow, the company must-
(a) give notice of the resolution, and its effective date, by standard notice to every affected person, including with the notice a sworn statement of the facts relevant to the grounds on which the board resolution was founded; and
(b) appoint a corporate rescue practitioner who satisfies the requirements of section 131, and who has consented in writing to accept the appointment.