s 45 Effect of agreed proposals.
(1) The following provisions apply if proposals made by the Welsh Ministers under section 44 are agreed, with or without modifications, by all the secured creditors of the registered social landlord. (2) Once agreed the proposals are binding on the Welsh Ministers , the landlord, all the landlord’s creditors (whether secured or unsecured) and any liquidator, administrator, administrative receiver or receiver appointed in respect of the landlord or its land. (3) It is the duty of— (a) the members of the committee where the landlord is a registered society , (b) the directors where the landlord is a company (including a company that is a registered charity) , and (c) the trustees where the landlord is a charitable trust, to co-operate in the implementation of the proposals. This does not mean that they have to do anything contrary to any fiduciary or other duty owed by them. (4) The Relevant Authority shall serve a copy of the agreed proposals on— (a) the landlord and its officers, (b) the secured creditors of the landlord, and (c) any liquidator, administrator, administrative receiver or receiver appointed in respect of the landlord or its land, and (d) where the landlord is a registered society or registered charity, the Financial Conduct Authority or the Charity Commission , as the case may be; and it shall make such arrangements as it considers appropriate to see that the members, tenants and unsecured creditors of the landlord are informed of the proposals. (5) The proposals may subsequently be amended with the consent of the Relevant Authority and all the landlord’s secured creditors. Section 44(2) to (7) and subsections (2) to (4) above apply in relation to the amended proposals as in relation to the original proposals.