(1) In this section, “arrangement” means—
(a) an amendment to the memorandum or articles;
(b) a reorganisation or reconstruction of an international business company;
(c) a merger or consolidation of one or more international business companies with one or more other companies, if the surviving company or the consolidated company is a company incorporated under this Act;
(d) a separation of 2 or more businesses carried on by an international business company;
(e) any sale, transfer, exchange or other disposition of any part of the property, assets or business of an international business company to any person in exchange for shares, debt obligations or other securities of that other person or money or other property, or a combination thereof;
(f) any sale, transfer, exchange or other disposition of shares, debt obligations or other securities in an international business company held by the holders thereof for shares, debt obligations or other securities in the international business company or money or other property, or a combination thereof;
(g) a winding-up and dissolution of an international business company; or
(h) any combination of any of the things specified in paragraphs (a) to (g).
(2) Where it is not practicable for an international business company that is solvent to effect an arrangement under any provisions of this Act, the international business company may apply to the Court for an approval of a plan of arrangement proposed by the directors.
(3) The Court may, upon an application made to it under subsection (2), make an interim or a final order that is not subject to an appeal unless a question of law is involved and in which case notice of appeal must be given within the period of 20 days immediately following the date of the order, and in making the order the Court may—
(a) determine what notice, if any, of the proposed arrangement is to be given to any person;
(b) determine whether approval of the proposed arrangement by any person should be obtained and the manner of obtaining the approval;
(c) determine whether any holder of shares, debt obligations or other securities in the international business company may dissent from the proposed arrangement and receive payment of the fair value of the holders shares, debt obligations or other securities under section 83;
(d) conduct a hearing and permit any interested person to appear; or
(e) approve or reject the plan of arrangement as proposed or with such amendments as it may direct.
(5) Where the Court makes an order approving a plan of arrangement, the directors, if they are still desirous of executing the plan, shall confirm the plan of arrangement as approved by the Court whether or not the Court has directed any amendments to be made thereto.
(6) The directors, upon confirming the plan of arrangement shall—
(a) give notice to the persons to whom the order of the Court requires notice to be given; and
(b) submit the plan of arrangement to those persons for such approval, if any, as the order of the Court requires.
(7) After the plan of arrangement has been approved by the persons by whom the order of the Court requires approval, articles of arrangement shall be executed by the international business company and shall contain—
(a) the plan of arrangement;
(b) the reference number and the summary of order of the court approving the plan of arrangement; and
(c) the manner in which the plan of arrangement was approved, if approval was required by the order of the Court.
(8) The articles of arrangement shall be submitted by the international business company to the Registrar, who shall retain and register them in the Register.
(9) Upon the registration of the articles of arrangement, the Registrar shall issue a certificate under his or her hand and seal certifying that the articles of arrangement have been registered.
(10) A certificate of arrangement issued by the Registrar is prima facie evidence of compliance with all requirements of this Act in respect of the arrangement.
(11) An arrangement is effective on the date the articles of arrangement are registered by the Registrar or on such date subsequent thereto, not exceeding 30 days, as is stated in the articles of arrangement.