Section 42Part 9 — Meeting of Creditors and Resolutions
Meeting, how to be held and conducted, and as to voting thereat
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The meeting shall be held in the prescribed manner and subject to the prescribed regulations as to the quorum of creditors, adjournment of meeting and all other matters relating to the conduct of the meeting or the proceedings thereat —
a person shall not be entitled to vote as a creditor unless that person has, in the prescribed manner, proved a debt that is due to that person;
a creditor shall not vote in respect of any unliquidated or contingent debt, or any debt the value of which is not ascertained;
a secured creditor shall, for the purpose of voting, be deemed to be a creditor only in respect of the balance, if any, due to that secured creditor after deducting the value of the secured creditor’s security; and the amount of such balance shall, until the security is realised, be determined or assessed in the prescribed manner. The secured creditor may, however, give up or abandon the security, and thereupon the secured creditor shall rank as a creditor in respect of the whole sum due to that secured creditor;
a creditor shall not vote in respect of any current bill of exchange or promissory note held by that creditor under discount, unless that creditor is willing to treat the liability of every person who is liable thereon antecedently to the debtor, and whose estate is not in course of administration under this Act, as security in that creditor’s hands, and to estimate the value thereof and deduct the same from that creditor’s proof, in which case that creditor shall on application being made within the prescribed time by any person interested, give up such security for the benefit of the creditors of the debtor upon payment of such estimated value — Provided that such estimate (except so far as the creditor may receive any payment as aforesaid in respect thereof) shall not prejudice the right of such creditor to receive from the estate of the debtor a dividend upon the whole amount of such bill or not; and
votes may be given either personally or by proxies as may be prescribed.