SECTION 127

The composition agreement may be approved by the competent court only: 1° where the conditions of validity of the agreement are met; 2° where no reason relating to the common interest or to public order is likely to hinder the agreement; 3° where the composition offers genuine possibilities of recovery of the company and settlement of its debts; 4° where, in the case of receivership of a company, the management of the said company is no longer in the hands of a manager whose replacement has been proposed in the composition proposals or by the Bankruptcy Trustee or, a manager against whom personal bankruptcy or prohibition to direct, manage or administer a commercial company has been pronounced. Under no circumstance shall the approval of the composition agreement be taken to mean the validation of the special advantages defined and punished under Articles 244 and 245 below. The time limit or remission granted by a creditor who holds real property under the conditions laid down in Articles 120 and 125 above shall not be considered a special advantage. Subject to the provisions of Article 140 below, the annulment of any provision relating to any special advantage shall not entail the cancellation of the composition agreement. Where the composition agreement does not comprise any remission or time limit exceeding two years, the competent court may pronounce the approval thereof upon receiving the reports of the Bankruptcy Trustee and the Judge Administrator and after listening to the comments of the Controller, where one has been appointed, without necessarily inviting the creditors to vote.