Insolvency Act, 1936 (Act No. 24 of 1936)52. Voting at meeting of creditors |
| (1) | Save as in this section and in section forty-eight is otherwise provided, every creditor of an insolvent estate shall be entitled to vote at any meeting of the creditors of that estate as soon as his claim against the estate has been proved. |
| (2) | The vote of any creditor shall be reckoned according to the value of his claim, except when it is provided in this Act that votes shall be reckoned in number. |
| (3) | The vote of a creditor shall in no case be reckoned in number, unless his or her claim is of the value of at least R1 000. |
| (4) | A creditor may not vote in respect of any claim which was ceded to him after the commencement of the proceedings by which the estate was sequestrated. |
| (5) | A creditor holding any security for his claim shall, except in the election of a trustee and upon any matter affecting that security, be entitled to vote only in respect of the amount by which his claim exceeds the amount at which he valued his security when proving his claim, or if he did not value his security, of respect of the amount by which his claim exceeds the amount of the proceeds of the realization of his security in terms of section eighty-three. |
| (6) | A creditor may not vote on the question as to whether steps should be taken to contest his claim or preference. |