18 (4) At least three weeks before reducing the nominal value of a troubled financial institution’s shares an administrator shall cause notice of his or her intention to do so— (a) to be sent in writing or by telefacsimile or electronic mail to the shareholders concerned; and (b) to be published in a newspaper circulating in every area where the troubled financial institution carries on business. (5) Section 32 applies to any objections received by the administrator from any member or creditor of the troubled financial institution in response to a notice referred to in subsection (4). 16 Initial meeting of creditors and members (1) The administrator shall as soon as possible after completing the statement referred to in section 14, convene separate initial meetings of the creditors and the members of the troubled financial institution, which shall be held as nearly as may be— (a) in the case of a meeting of creditors, in the manner prescribed for creditors’ meetings under the law relating to insolvency; or (b) in the case of a meeting of members, in the manner prescribed by rules made under section 359 of the Companies Act. (2) The purpose of a meeting referred to in subsection (1) shall be— (a) to consider a report of the administrator incorporating— (i) the statement referred to in section 14; and (ii) a statement of the reasons why it appeared to the Reserve Bank that the circumstances referred to in section 6(1)(c), (d) or (e) were present in relation to the troubled financial institution; and (iii) particulars as to any source from which money has or is to be raised for the purposes of carrying on the business of the troubled financial institution; and (iv) the considered opinion of the administrator as to the prospects of the troubled financial institution being restored to a sound financial condition or, if it cannot be so restored, which of the options mentioned in section 10(a), (b), (c) and (d) will best serve the interests of the depositors, creditors and members of the institution; (b) in the case of a meeting of creditors, the proving of claims against the troubled financial institution; (c) the election by the creditors and members of one person each (who need not be a creditor or member) to represent their interests to the administrator: Provided that if a meeting of the creditors or members fails, neglects or refuses to elect any person for the purpose of this paragraph, the administrator shall appoint one of their number for that purpose. (3) Subsections (4) to (9) shall apply to the initial and every subsequent meeting of creditors and members. (4) During an administration every creditor shall be entitled to vote at any meeting of creditors of the troubled financial institution as soon as his or her claim has been proved: