( 4) A corporate rescue plan that has been adopted is binding on the company, and on each of the creditors of the company and every holder of the company’s securities, whether or not such a person-

(a) was present at the meeting; or

(b) voted in favour of adoption of the plan; or

(c) in the case of creditors, had proved their claims against the company.

(5) The company, under the direction of the corporate rescue practitioner, must take all necessary steps to –

(a) attempt to satisfy any conditions on which the corporate rescue plan is contingent; and

(b) implement the plan as adopted.

(6) To the extent necessary to implement an adopted corporate rescue plan –

(a) the corporate rescue practitioner may, in accordance with that plan, determine the consideration for, and issue, any authorised securities of the company, despite any other provision of the Companies Act l Chapter 24:31], to the contrary; and
(b) if the corporate rescue plan was approved by the shareholders of the company, as contemplated in subsection (3)(c), the corporate rescue practitioner may amend the company’s Memorandum of Incorporation to authorise, and determine the preferences, rights, limitations and other terms of, any securities that are not otherwise authorised, but are contemplated to be issued in terms of the corporate rescue plan, despite any other provision of the Companies Act l Chapter 24:311, to the contrary.

(7) Except to the extent that an approved corporate rescue plan provides otherwise, a pre-emptive right of any shareholder of the company does not apply with respect to an issue of shares by the company in terms of the corporate rescue plan.

(8) When the corporate rescue plan has been substantially implemented, the corporate rescue practitioner must file a notice of the substantial implementation of the corporate rescue plan.

• According to the Insolvency Act [Chapter 6:07]. PART XXIII: Corporate Rescue