602

Creditors
entitled ta
vote.

Votes of
secured
creditors,

Creditor
required to
give up
security,

Ch. 31. No. 1.] Companies.

 

entitled to vote or three contributories or all the creditors entitled to
vote or all the contributories if the number of creditors entitled to vote
or the contributorics as the case may be shall not exceed three.

(2) If within half an hour from the time appointed for the meeting
a quorum of creditors or contributories is not present or represented the
meeting shall be adjourned to the same day in the following week at the
same time and phice or to such other day or time or place as the chairman
may appoint but so that the dav appointed shall be not less than seven
or more than twenty-one days from the day from which the meeting
was adjourned.

120. In the case of a first meeting of creditors or of an adjournment
thereof a person shall not be entitled to vote as a creditor unless he has
duly lodged with the Official Receiver not later than the time mentioned
for that purpose in the notice convening the meeting or adjourned meeting
a proof of the debt which he claims to be due to him from the company.
In the case of a Court meeting or Liquidator’s mecting of creditors a
person shall not be entitled to vote as a creditor unless he has lodged
with the Official Receiver or Liquidator a proof of the debt which he
claims to be due to him from the company and such proof has been
admitted wholly or in part before the date on which the meeting is held:
Provided that this and the next four following rules shall not apply to a
Court meeting of creditors held prior to the first meeting of creditors.
This rule shall not apply to any creditors or class of creditors who by
virtue of the rules or any directions given thereunder are not required
to prove their debts or to any voluntary liquidation meeting.

121. A creditor shall not vote in respect of any unliquidated or
contingent debt, or any debt the value of which is not ascertained, nor
shall a creditor vote in respect of any debt on or secured by a current
bill of exchange or promissory note held by him unless he is willing to
treat the liability to him thereon of every person who is liable thercon
antecedently to the company, and against whom a receiving order in
bankruptcy has not been made, as a security in his hands, and to estimate
the value thereof, and for the purposes of voting, but not for the purposes
of dividend, to deduct it from his proof.

122. For the purpose of voting, a secured creditor shall, unless he
surrenders his security, state in his proof or in a voluntary liquidation in
such a statement as is hereinafter mentioned the particulars of his
security, the date when it was given, and the value at which he assesses
it, and shall be entitled to vote only in respect of the balance (if any)
due to him after deducting the value of his security. If he votes in
respect of his whole debt he shall be deemed to have surrendered his
security, unless the Court on application is satisfied that the omission
to value the security has arisen from inadvertence.

123. The Official Receiver or Liquidator may within twenty-eight days
after a proof or in a voluntary liquidation a statement estimating the
value of a security as aforesaid has been used in voting at a meeting
require the creditor to give up the security for the benefit of the creditors
fenerally on payment of the value so estimated with an addition thereto