(1) This section applies where an instrument is prepared under section 444A. (2) The company must execute the instrument within:

(a)

21 days after the end of the meeting of creditors; or

(b)

such further period as the Court allows on an application made within those 21 days.

(3) The board of the company may, by resolution, authorise the instrument to be executed by or on behalf of the company. (4) Subsection (3) has effect despite section 437C, but does not limit the functions and powers of the administrator of the company. (5) The administrator of the deed must execute the instrument before, or as soon as practicable after, the company executes it. (6) When executed by both the company and the deed's administrator, the instrument becomes a deed of company arrangement. (7) Division 12 provides for consequences of the company contravening subsection (2).