51A-15-24. Reorganization of bank by director--Distribution and effect of reorganization plan.
112 words·~1 min read·
/sd/title-51/chapter-51-15/51a-15-24·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the director of the Division of Banking determines to reorganize a bank he shall enter an order proposing a reorganization plan. A copy of the plan shall be sent to each depositor and creditor who will not receive payment of his claim in full under the plan together with notice that the director will proceed to effect the reorganization unless, within fifteen days, the plan is disapproved in writing by persons holding one - third or more of the aggregate amount of those claims. A department, agency, or political subdivision of this state holding a claim which will not be paid in full is authorized to participate as any other creditor.