(1) This section applies where a voluntary arrangement approved by a [decision of the debtor's creditors pursuant to] section 257 has taken effect.
(2) The person who is for the time being carrying out, in relation to the voluntary arrangement, the functions conferred by virtue of the approval on the nominee (or his replacement under section [256(3), 256A(4)] or 258(3)) shall be known as the supervisor of the voluntary arrangement.
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