321. Arrangement when binding on company and creditors.— (1) Any arrangement other than the
arrangement referred to in section 319 entered into between the company which is about to be, or is in the
course of being wound up and its creditors shall be binding on the company and on the creditors if it is
sanctioned by a special resolution of the company and acceded to by the creditors who hold three-fourths
in value of the total amount due to all the creditors of the company.
(2) Any creditor or contributory may, within three weeks from the completion of the arrangement,
apply to the Tribunal and the Tribunal may thereupon amend, vary, confirm or set aside the arrangement.
