(1) The Commission may, where it considers it necessary, conduct a hearing of the application at which the insurer, each party to the scheme and any interested person who has made representations to the Commission concerning the scheme are entitled to attend and be heard either m person, or in the case of a company through an officer, or a legal representative.

(2) At a hearing conducted under subsection (1), the Commission may consider evidence that it considers appropriate.

(3) Where the Commission confirms the scheme,

(a) it is binding on the parties to it, and

(b) it has effect despite anything to the contrary in the memorandum or articles of association of the insurer or of any company that is a party to the scheme.

(4) A copy of the confirmed scheme shall be filed with the Registrar of Companies.