At the commencement of a meeting, the chairman shall be the F2. . . trustee who as chairman shall, after carrying out his duty under section 49(1) of this Act, invite the creditors to elect one of their number as chairman in his place and shall preside over the election.

If a chairman is not elected in pursuance of this paragraph, the F2. . . trustee shall remain the chairman throughout the meeting.

The F2. . . trustee shall arrange for a record to be made of the proceedings at the meeting and he shall insert the minutes of the meeting in the sederunt book.