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Rule 58 Chair at meetings

Original text. Later amendments are not shown.

(1)

At any meeting of creditors, clients, or creditors and clients summoned by the administrator, either the administrator shall be the chair, or a person nominated by the administrator in writing to act in the administrator’s place.

(2)

A person so nominated must be either—

(a)

one who is qualified to act as an insolvency practitioner in relation to the investment bank; or

(b)

an employee of the administrator or the administrator’s firm who is experienced in insolvency matters.

(3)

Where the chair holds a proxy which includes a requirement to vote for a particular resolution and no other person proposes that resolution—

(a)

the chair must propose it unless the chair considers that there is good reason for not doing so, and

(b)

if the chair does not propose it, the chair must as soon as reasonably practicable after the meeting notify the principal of the reason why not.