1186
THE HONG KONG GOVERNMENT GAZETTE, DECEMBER 31, 1936.
Cases in which creditors may not vote.
R. 138.
Votes of secured creditors.
R. 139.
Creditor required to give up security.
R. 140.
Admission
and rejection of proofs for purpose of voting,
R. 141.
Statement of security. R. 142.
Minutes of meeting. R. 143.
Form 22.
Proxies. R. 144.
125. A creditor shall not vote in respect of any unliqui- dated 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 thereon 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.
126. 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.
127. 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 generally on payment of the value so estimated with an addition thereto of twenty per cent. Provided that where a creditor has valued his security he may at any time before being required to give it up correct the valuation by a new proof and deduct the new value from his debt, but in that case the said addition of twenty per cent, shall not be made if the security is required to be given up.
128. The Chairman shall have power to admit or reject a proof for the purpose of voting, but his decision shall be subject to appeal to the Court. If he is in doubt whether a proof should be admitted or rejected he shall mark it as objected to and allow the creditor to vote subject to the vote being declared invalid in the event of the objection being sustained.
129. For the purpose of voting at any voluntary liquidation meetings a secured creditor shall unless he sur- render his security lodge with the Liquidator or where there is no Liquidator at the Registered Office of the Company before the meeting a statement giving the particulars of his security, the date when it was given and the value at which he assesses it.
130.—(1) The Chairman shall cause Minutes of the pro- ceedings at the meeting to be drawn up and fairly entered in a book kept for that purpose or in the file of proceedings and the Minutes shall be signed by him or by the Chairman of the next ensuing meeting.
(2) A list of creditors and contributories present at every meeting shall be made and kept as in Form 22.
Proxies in relation to a Winding-up by the Court, and to meetings of Creditors in a Creditors voluntary Winding-up.
131. A creditor or a contributory may vote either in person or by proxy. Where a person is authorised in manner provided by section 115 of the Ordinance to represent a cor-
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