(1) If the Court decides to reorganise the licensee, whether under a request by the Minister, or by virtue of its powers under section 33(1), the liquidator shall, after granting a hearing to all interested parties, send a copy of the reorganisation plan to all depositors and other creditors who will not receive full payment of their claims under the reorganisation plan.
(2) The copy of the reorganisation plan sent under subsection (1) shall be accompanied by a notice stating that if the reorganisation plan is not refused in writing within a period of 30 days—
(a) by persons holding at least 1/3 of the aggregate amount of deposit and other liabilities of the licensee; or
(b) by members of the licensee owning at least 1/3 of the issued capital of the licensee; or
(c) if within the same period of 30 days the Court does not order a stay of proceedings, the liquidator will proceed to carry out the reorganisation plan.
(3) The liquidator may, subject to confirmation by the Court to be obtained before the reorganisation, effect service of the reorganisation plan and shall cause notice of the reorganisation to be published in the Gazette.