Where the debtor's creditors decide to approve1 the proposed voluntary arrangement, with or without modifications2, the approved arrangement:
(1) takes effect as if made by the debtor3 at the time the creditors decided to approve the proposal; and
(2) binds every person who4 was entitled to vote5 at the time the creditors decided to approve the proposal, or would have been so entitled if he had had notice6 of it, as if he were a party to the arrangement
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