Commonwealth Numbered Regulations

1990 No. 455 CORPORATIONS REGULATIONS - REG 5.6.24

5.6.24. (1) For the purposes of voting, a secured creditor must state in the
creditor's proof of debt or claim:

   (a)  the particulars of his or her security; and

   (b)  the date when it was given; and

   (c)  the value at which he or she assesses it; unless he or she surrenders
        the security.

(2) A creditor is entitled to vote only in respect of the balance, if any, due
to him or her after deducting the value of his or her security as assessed by
him or her in accordance with regulation 5.6.41.

(3) If a secured creditor votes in respect of his or her whole debt or claim,
the creditor must be taken to have surrendered his or her security unless the
Court on application is satisfied that the omission to value the security has
arisen from inadvertence.