WINDING-UP RULES

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Rules or any directions given thereunder are not required to prove
their debts or to any voluntary liquidation meeting.
138. A creditor shall not vote in respect of any unliquidated or Cases in
contingent debt, or any debt the value of which is not ascertained, Which creditor:
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.
139. For the purpose of voting, a secured creditor shall, unless Votes of secured
he surrenders his security, state in his proof or in a voluntary creditors
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 securitv has
arisen from inadvertence
140. 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.
141. 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 declared invalid in the event of the
obiection being sustained.
142. For the purpose of voting at any voluntary liquidation meet-
ings a secured creditor shall unless he surrender 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 1+

Creditor required
to give up
Security

Admission and
rejection of
proofs for
purpose of
voting.

Statement of
Security

143.—(1) The Chairman shall cause minutes of the proceedings at Minutes of
the meeting to be drawn up and fairlv entered in a book kent for meeting