182909-1931-Supplementary-Bills-read-a-first-time--Bankruptcy — Page 62

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3. The Official Receiver shall also, as soon as prac- ticable, send to each creditor mentioned in the deb- tor's statement of affairs, a notice of the time and place of the first meeting of creditors, but the pro- ceedings at the first meeting shall not be invalidated by reason of any such notice not having been sent or received before the meeting.

4. The meeting shall be held at the office of the Official Receiver.

5. The Official Receiver or the trustee may at any time summon a meeting of creditors, and shall do so whenever so directed by the court, or so requested by a creditor in accordance with the provisions of this Ordinance.

6. Meetings subsequent to the first meeting shall be summoned by sending notice of the time and place thereof to each creditor at the address given in his proof, or if he has not proved, at the address given in the debtor's statement of affairs, or at such other address as may be known to the person summoning the meeting.

7. The Official Receiver, or some person nominated by him shall be the chairman at the first meeting, and at subsequent meetings until the appointment of a trustee other than the Official Receiver, when such trustee shall be chairman.

8. A person shall not be entitled to vote as a credi- tor at the first or any other meeting of creditors unless he has duly proved a debt provable in bankruptcy to be due to him from the debtor, and the proof has been duly lodged twenty-four hours at least before the time appointed for the meeting.

9. A creditor shall not vote at any such meeting in respect of any unliquidated or contingent debt, or any debt the value of which is not ascertained.

10. For the purpose of voting, a secured creditor shall, unless he surrenders his security, state in his proof 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 un- less the court on application is satisfied that the omis- sion to value the security has arisen from inadver- tence.

11. A creditor shall not vote in respect of any debt on or secured by a current bill of exchange or promis- sory note held by him, unless he is willing to treat the liability to him thereon of every person who is liable thereon antecedently to the debtor, and against whom a receiving order has not been made, as security in his hands, and to estimate the val thereof, and for the purposes of voting, but not for the purposes of dividend, to deduct it from his proof.

12. It shall be competent to the trustee or to the Official Receiver, within twenty-eight days after a proof estimating the value of a security as aforesaid has been made use of in voting at any meeting, to require the creditor to give up the security for the benefit of the creditors generally on payment of the value so estimated, with an addition thereto of twenty per centum: Provided that where a creditor has put a value on, such security, he may, at any time before he has been required to give up such security as aforesaid, correct such valuation by a new proof, and deduct such new value from his debt, but in that case such addition of twenty per centum shall not be made if the trustee requires the security to be given up.