Section 8
SEC. 8. The presence of the creditors representing at least three-fifths 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, or commissioner deputized by him when he is absent from the province where the meeting is held, acting as president and the clerk 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, or in default thereof, the commissioner, 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 of the liabilities, the judge or commissioner 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 be opened. (c) The debtor may modify his proposition or propositions in proposition view of the result of the debate, or insist upon the ones already made, and the judge or commissioner, without further discussion. shall clearly and succinctly place these several propositions before the meeting for a vote thereupon. (d) The vole 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 of creditors voting unite the same proposition. 2. That the claims represented by said majority vote amount to at least three-fifths 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 the proceedings had therein, shall be 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 or commissioner 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 the above.