(1) When a plan is approved by the Registrar—
(a) it shall be laid as a special resolution before the shareholders of the company at a special general meeting of the company duly called for considering the resolution, and there shall be recorded in the minutes of the meeting the number of votes cast in favour of and against confirmation of the resolution;
(b) the board of directors shall send by post to each policy holder of the company at his or her last known address—
(i) a ballot paper, and
(ii) a circular approved by the Registrar, inviting the policy holders to vote by post on the resolution referred to in paragraph (a) within the time specified in the circular.
(2) The resolution shall only be effective where it is approved by not less than 50% of the votes by the shareholders at the special general meeting and by not less than 50% of the votes cast by the policy holders in accordance with the circular referred to in subsection (1)(b)(ii).
(3) Where the resolution is effective the shareholders shall sell their shares to the company at such price as may be approved by the Registrar.