(1) A resolution of a meeting of bondholders shall take effect by obtaining authorization of a court: Provided, That the said authorization shall not be required if the resolution is made with the consent of all holders of the class of bonds concerned.
(2) A resolution of a meeting of bondholders shall be effective vis-a-vis all the bondholders who have the class of bonds concerned.[This Article Wholly Amended by Act No. 10600, Apr. 14, 2011]