Public Service Commission Act, 1997
R 385
Insolvency Act, 1936 (Act No. 24 of 1936)53. Questions upon which creditors may vote |
| (1) | A creditor may vote at a meeting of creditors upon all matters relating to the administration of the estate, but may not vote in regard to matters relating to the distribution of the assets of the estate, except for the purpose of directing the trustee to contest, compromise or admit any claim against the estate. |
| (2) | Subject to the provisions of section fifty-four and subsection (7) of section one hundred and nineteen, every matter upon which a creditor may vote shall be determined by the majority of votes reckoned in accordance with subsection (2) of section fifty-two, and every creditor may vote either personally or by an agent specially authorised thereto or acting under his general power of attorney: Provided that no creditor shall vote by any agent being— |
| (a) | the trustee or a person nominated for election as trustee in the estate concerned; |
| (b) | the employer or employee of such trustee or person; |
| (c) | the employee of any person or association of persons, whether corporate or unincorporate, by whom or by which such trustee or the person referred to in paragraph (a) is employed; |
| (d) | the spouse of or a person related to such trustee or the person referred to in paragraph (a) by consanguinity or affinity within the third degree; or |
| (e) | a person directly or indirectly having a pecuniary interest in the remuneration of such trustee or the person referred to in paragraph (a). |
| (3) | Every resolution of creditors at a meeting of creditors and the result of the voting on any matter as declared by the officer presiding at that meeting, shall be recorded upon the minutes of the meeting and shall be binding upon the trustee in so far as it is a direction to him; and no other direction of creditors shall be binding upon him. |
| (4) | Any direction by creditors which infringes the rights of any creditor may be set aside by the court on the application of the creditor whose rights are affected or of the trustee with the consent of the Master. |
| (5) | The majority of creditors (reckoned in number and in value) may direct the trustee to employ or not to employ a particular attorney or auctioneer in connection with the administration of the estate and if the trustee has reason to believe that it will not be in the interests of the estate to carry out such direction, he may submit the matter to the Master, whose decision, after considering any representations in writing by the trustee and the creditors, shall be final. |
