Election of an Assignee; Bond Required

At a meeting of the creditors in open court, or if the court is not in session, in the presence of the judge or the clerk of court, those being entitled to vote, as provided by the preceding section, shall proceed to the election of an assignee. The majority of the creditors who have proven their claims, such majority being both in number and amount, must concur for the election of an assignee. The clerk of the court must keep minutes of the deliberations of the creditors, and of the election and appointment of the assignee, and enter the same upon the records of the court, and, in the absence of the judge, shall send a copy of such record to him at the place where he may be found. The assignee shall file, within five

(5)days, unless the time be extended by the court, with the clerk, a bond, in an amount to be fixed by the court, to the government of Guam, with two or more sufficient sureties, approved by the court, and conditioned upon the faithful COL120106 CH. 50 INSOLVENCY LAW performance of the duties devolving upon him. The bond shall not be void upon the first recovery, but may be sued upon from time to time by any person aggrieved, in his own name, until the whole penalty be exhausted. The sureties on such bond may be required to justify as to their sufficiency upon the application of any party interested.