(1) This section has effect where [pursuant to section 257 the debtor's creditors decide to approve] the proposed voluntary arrangement (with or without modifications).
(2) The approved arrangement—
(a) takes effect as if made by the debtor [at the time the creditors decided to approve the proposal], and
[(b) binds every person who in accordance with the rules—
(i) was entitled to vote [at the time the creditors decided to approve the proposal], or
(ii) would have been so entitled if he had had notice of it,
as if he were a party to the arrangement.
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