The judge shall appoint as assignee such proper person as the creditors at their first meeting shall nominate by a vote of 2/3 in number of the creditors who have secured the allowance of their claims and are present at the meeting in person, or by attorney or proxy, and of a majority in value of the claims allowed. No creditor shall be eligible as assignee, and no person who has received a preference contrary to the provisions of this chapter shall be allowed to vote for assignee. If the creditors fail to nominate a suitable person, the judge shall appoint the assignee.
Source. 1885, 85:4, 7. 1889, 96:3. PS 201:22. PL 401:23. RL 465:23.