6-491. Effect of approval and consents
296 words·~1 min read·
/az/title-6/6-491A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. When a plan has been approved by the court and the required consents given, the plan shall be binding on the deputy director, the association, the holders of accounts and shares of guaranty capital, and creditors of the association and all other persons affected thereby, and the association and such persons shall be conclusively deemed to have consented to the terms and conditions of the plan whether or not all of the persons have actually consented thereto and whether or not all of them have received notice of the plan or the hearing.
Such steps shall be taken by the deputy director, the association and all other persons affected by the plan, and all acts shall be done, all instruments executed and all securities issued, as may be required by the plan so approved and as may be necessary or desirable for consummation of the plan.
B. The deputy director shall supervise and direct, subject to the order of the court, the consummation of the plan. The deputy director shall have and may exercise the same authority and power with respect to the business, property or affairs of an association retained by or delivered to the deputy director pursuant to any plan that the deputy director may have with respect to the business, property and affairs of any association of which the deputy director has taken possession.
The deputy director shall have and may exercise the same authority and power with respect to an association formed pursuant to any plan, or to which the business, property or affairs may be returned or transferred pursuant to any plan, as the deputy director would have of the association if it had been formed or had acquired its business, property and affairs by means other than a plan.