Nov. 20.] THE NEW ZEALAND GAZETTE. 3653

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.

117. A creditor shall not vote in respect of any unliquidated or con-
     tingent 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 who has not been adjudged bankrupt, 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.

Cases in which creditors may not vote.
Imp. r. 138

118. 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.

Votes of
secured
creditors.
Imp. r. 139

119. The Official Assignee 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 20 per
     centum: 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 20 per centum shall not be made if the security is required to be
     given up.

Creditor
required to
give up
security.
Imp. r. 140

120. 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 shall be admitted or rejected he shall mark
     it as objected to and allow the creditor to vote subject to the vote being de-
     clared invalid in the event of the objection being sustained.

Admission and
rejection of
proofs for
purpose of
voting.
Imp. r. 141

121. For the purpose of voting at any voluntary liquidation meetings a
     secured creditor shall, unless he surrenders 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.

statement
of security.
Imp. r. 142

122. (1) The Chairman shall cause minutes of the proceedings at the
     meeting to be drawn up and fairly entered in a book kept for that purpose,
     and the minutes shall be signed by him or by the Chairman of the next
     ensuing meeting.

Minutes of
meeting.
Imp. r. 143

(2) A list of creditors and contributories present at every meeting shall Form 70
be made and kept as in form No. 70.

PROXIES IN RELATION TO A WINDING-UP BY THE COURT AND TO MEETINGS
OF CREDITORS IN A CREDITORS' VOLUNTARY WINDING-UP.

123. A creditor or a contributory may vote either in person or by proxy. Proxies.
     Where a person is authorized in manner provided by section 124 of the Act Imp. r. 144
     to represent a corporation at any meeting of creditors or contributories
     such person shall produce to the Official Assignee or liquidator or other
     the Chairman of the meeting a copy of the resolution so authorizing him.
     Such copy must either be under the seal of the corporation or must be
     certified to be a true copy by the secretary or a director of the corporation.
     The succeeding rules as to proxies shall not (unless otherwise directed by
     the Court) apply to a Court meeting of creditors or contributories prior to
     the first meeting.

124. Every instrument of proxy shall be in accordance with form
     No. 71 or form No. 72, and every written part thereof shall be in the hand-
     writing of the person giving the proxy or of any manager or clerk or other
     person in his regular employment or of a solicitor or a Justice of the Peace.

Form of
proxies.
Imp. r. 145
Forms 71 and 72

125. General and special forms of proxy shall be sent to the creditors
     and contributories with the notice summoning the meeting, and neither the
     name nor description of the Official Assignee or liquidator or any other
     person shall be printed or inserted in the body of any instrument of proxy
     before it is so sent.

Forms of proxy
to be sent with
notices.
Imp. r. 146