Reconstruction of societies.

Where a proposal for a compromise or arrangement-

1. (a) between a society and its creditors, or
2. (b) between a society and its members, is approved at a special general meeting, called for the purpose, the Registrar may, on the application of the society or of any member or of any creditor of the society, or in the case of a society, which is being wound up, of the Liquidator, order reconstruction in the prescribed manner of the society.