45 Effect of agreed proposals.E+W
(1)The following provisions apply if proposals made by [F1the Welsh Ministers] under section 44 are agreed, with or without modifications, by all the secured creditors of the registered social landlord.
(2)Once agreed the proposals are binding on [F1the Welsh Ministers], the landlord, all the landlord’s creditors (whether secured or unsecured) and any liquidator, administrator, administrative receiver or receiver appointed in respect of the landlord or its land.
(3)It is the duty of—
(a)the members of the committee where the landlord is [F2a registered society],
(b)the directors where the landlord is [F3a company (including a company that is a registered charity)] , and
(c)the trustees where the landlord is a charitable trust,
to co-operate in the implementation of the proposals.
This does not mean that they have to do anything contrary to any fiduciary or other duty owed by them.
(4)The [F4Relevant Authority] shall serve a copy of the agreed proposals on—
(a)the landlord and its officers,
(b)the secured creditors of the landlord, and
(c)any liquidator, administrator, administrative receiver or receiver appointed in respect of the landlord or its land, and
(d)where the landlord is [F2a registered society] or registered charity, the [F5Financial Conduct Authority] or the [F6Charity Commission] , as the case may be;
and it shall make such arrangements as it considers appropriate to see that the members, tenants and unsecured creditors of the landlord are informed of the proposals.
(5)The proposals may subsequently be amended with the consent of the [F4Relevant Authority] and all the landlord’s secured creditors.
Section 44(2) to (7) and subsections (2) to (4) above apply in relation to the amended proposals as in relation to the original proposals.
Textual Amendments
F1Words in Pt. I substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), ss. 61(7), 325(1); S.I. 2010/862, art. 2 (with Sch.)
F2Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 56 (with Sch. 5)
F3Words in s. 45(3)(b) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 161(4) (with art. 10)
F4Words in Pt. I substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 82(1)(2) (with ss. 139(2), 141(1), 143(2)); S.I. 1998/2244, art. 5.
F5Words in s. 45(4)(d) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 5(1)(2)(d) (with Sch. 12)
F6Words in s. 45(4) substituted (27.2.2007) by Charities Act 2006 (c. 50), s. 79(2), Sch. 8 para. 188; S.I. 2007/309, art. 2, Sch.