17:9A-158. Who may propose plan; approval or disapproval by commissioner
181 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-158A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The commissioner, a bank acting by its board of directors, or three or more depositors or other creditors of the bank who have claims, liquidated as to amount and not contingent as to liability, amounting in the aggregate to ten thousand dollars or more, or the holders of not less than ten per centum of the capital stock of the bank may propose a plan for the reorganization of the bank.
B. If the plan is not proposed by the commissioner or by the bank, it shall first be submitted to the commissioner for approval. The commissioner shall approve a plan if he is satisfied
(1)that it complies with the provisions of section 161;
(2)that it is fair, equitable and feasible;
(3)that the persons who will be the directors and officers of the bank upon reorganization, possess capacity and fitness for the duties and responsibilities with which they will be charged; and
(4)that the interest of the public will be served to advantage by the adoption of the plan.
L.1948, c. 67, p. 293, s. 158.