Alabama § 5-9A-2 Submission of Reorganization Plan to Court for Confirmation and Approval

Alabama Statutes

§ 5-9A-2 — Submission of Reorganization Plan to Court for Confirmation and Approval

Alabama § 5-9A-2

Title 5Banks and Financial Institutions

Ch. 9AReorganization of Banks

This text of Alabama § 5-9A-2 (Submission of Reorganization Plan to Court for Confirmation and Approval) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 5-9A-2 (2026).

Text

After such plan for reorganization has been submitted to the board of directors of the bank so making such request for a reorganization, the directors of such bank by and with the consent of 75 percent in value of the stockholders and 75 percent in value of the common creditors are authorized and empowered to make a report of such plan to the circuit court of the county in which the principal business office of the bank is located, such report to be accompanied by a petition for its confirmation and approval.

Free access — add to your briefcase to read the full text and ask questions with AI

After such plan for reorganization has been submitted to the board of directors of the bank so making such request for a reorganization, the directors of such bank by and with the consent of 75 percent in value of the stockholders and 75 percent in value of the common creditors are authorized and empowered to make a report of such plan to the circuit court of the county in which the principal business office of the bank is located, such report to be accompanied by a petition for its confirmation and approval.