522. Effect of voluntary arrangement.

A company1 may enter a voluntary arrangement with its creditors for a composition in satisfaction of its debts or a scheme of arrangement of its affairs2. The proposal must state how it is proposed to deal with creditors who are, or claim to be, secured3. The meeting of the company and its creditors summoned to consider the proposal may not approve any proposal or modification which affects the right of a secured creditor to enforce his security, except with his concurrence