Voting by holders of negotiable instruments
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51. A creditor must not vote in respect of a debt on, or secured by, a current bill of exchange or promissory note, unless the creditor agrees—
(a)to treat the liability to the creditor on the bill or note of every person who is liable on it antecedent to the water company, and against whom a bankruptcy order has not been made (or, in the case of a company, which has not gone into liquidation), as a security in the creditor’s hands; and
(b)to estimate the value of that security and, for the purpose of calculating the creditor’s entitlement to vote, to deduct it from the creditor’s claim.