Guam § 50055 - Meeting of Creditors.

§ 50055. Meeting of Creditors.

Only creditors included in the schedule filed by the debtor shall be

cited to appear and take part in the meeting mentioned in § 50051, and they

shall be notified upon delivery or transmission to them of a copy of the

order calling the meeting, to appear at the meeting with the written

evidences of their respective claims, without which they shall not be

admitted.

The presence of the creditors representing at least three-fifths (3/5) of

the liabilities shall be necessary for holding a meeting. The meeting shall be

held on the day and at the hour and place designated, the judge of the

Superior Court acting as president, and the clerk of the court as secretary

thereof, subject to the following rules:

(a) The clerk shall prepare for insertion in the minutes of the

meeting a statement of the persons present and their claims; the judge

shall examine the written evidences of the claims and the powers of

attorney, if any. If the persons present who have complied with the

foregoing rules represent at least three-fifths (3/5) of the liabilities, the

judge shall declare the meeting open for business.

(b) The petition of the debtor, the schedule of debts and of

property, the statement of assets and liabilities, and the proposed

agreement filed therewith shall be read forthwith by the clerk, and the

discussion shall he opened.

COL120106

(c) The debtor may modify his proposition or propositions in view

of the results of the debate, or insist upon the ones already made, and

the judge without further discussion shall clearly and succinctly place

these several propositions before the meeting for a vote thereupon.

(d) The vote shall be taken by a call of names and shall be

inserted in the minutes; a majority vote shall rule.

(e) To form a majority it is necessary:

(1) That two-thirds (2/3) of the creditors voting unite upon

the same proposition;

(2) That the claims represented by said majority vote amount

to at least three-fifths (3/5) of the total liabilities of the debtor

mentioned in the petition.

(f) After the result of the voting has been announced, all protests

made against the majority vote shall be admitted and stated in the

record, and the meeting shall be closed.

(g) The minutes of the meeting, containing a succinct statement of

all proceedings had therein, shall he drawn up, and there shall be

inserted therein, the proposition or propositions voted upon, which,

after having been read and approved, shall be signed by the judge

together with all persons taking part in the voting. If any such persons

shall be unable to write, any person present shall sign, at their request,

and the clerk shall certify to all of the above.