1965-HKRS29-8-32_Part01 — Page 44

Proof of debts.

(2) Where a majority in number and three-fourths in value of the creditors, or a class of creditors, as the case may be, who have proved their debt, or who by virtue of section 212E are deemed for voting purposes to have proved a debt exceeding one hundred dollars, agree to any compromise, such agreement shall, for the purposes of section 151, have the same effect as if a meeting of the creditors or class of creditors had been summoned under subsection (1) of section 151 and a majority in number representing three-fourths in value of the creditors or class of creditors, as the case may be, had been present and voted either in person or by proxy at the meeting and agreed to the compromise.

(3) In the event of the court ordering the holding of any meetings it may order that the provisions of this Ordinance relating to the bolding of meetings be varied, abrogated or added to for the purpose of such meetings.

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(4) In this section the expressions "company" and ‘arrangement" shall have the meanings assigned to them by subsection (5) of section 151.

212E. (1) la the case of a bank, any creditor who is a depositor, whether on current, savings, deposit, fixed deposit or other account, shall, unless and until the Official Receiver or liquidator by notice in writing requires him to make a formal proof of debt, be deemed to have proved his debt-

(a) for voting purposes, for the net balance to his credit in the books of the bank on all his accounts taken together, at the relevant date, (b) for dividend purposes, for the said balance plus or minus, as the case may be, the net amount of interest accrued due by or to the bank on the said accounts at the relevant date.

(2) Any debt which is deemed to have been proved by virtue of subsection (1) shall be treated as if a proof thereof had been duly lodged in due time with the Official Receiver or liquidator, and had been admitted for voting and dividend purposes respectively for the said amounts stated in subsection (1).

(3) In subsection (1) the expression "the relevant date" shall have the meaning assigned to it by subsection (6) of section 250.".

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This printed impression has been carefully compared by me with the Bill which passed the Legislative Council on the 14th day of April, 1965, and is found by me to be a true and correctly printed copy of the said Bill.

Of the Grand

(Secretariat CR37/65)

Deputy Clerk of Councils.