1. The committee shall prepare its report on the restructuring plan within a period not exceeding fifteen days as from date of substantiating the debts therewith and call the creditors to approve the plan by publishing a notice in two widely circulated local daily newspapers issued in Arabic and in a local daily newspaper issued in English, provided the same be approved by creditors representing no less than three quarters of the non-preferred and non-mortgage warranted debts.

2. A. in case the creditors approved the plan according to the provisions of Para (1) of the Article herein, the committee shall present the plan to the general manger whose in turn shall refer it to the Board along with his recommendations.

B. In case the creditors rejected the plan prepared according to the provisions of Para (1) of the Article herein, the committee shall file a report thereon to the director general who shall refer it along with his recommendations to the Board to take the necessary action according to the provisions of Para (2) of Article (41) of the law herein.

3. The Board may approve or disapprove the plan presented according to Para (1) of the Article herein; in case of approval the procedures of restructuring shall proceed and in case of disapproval the Board shall decide about the suitable procedure to be taken according to the provisions of Para (2) of Article (41) of the law herein.

4. Following the accomplishment of the restructuring a new board of directors shall be elected according to the provisions of the commercial companies' law.