§ 5-611

(a) The board of directors or the depositors representing not less than 25 percent of the deposit liability of any banking institution that is in the possession of a receiver may:

(1) Propose a plan of reorganization for the reorganization and reopening of the banking institution or for the establishment of a new State banking institution, national banking association, or other corporation that they consider necessary; and

(2) Choose a committee to represent them to carry out the plan.

(b) (1) The plan for reorganization of a commercial bank may provide for:

(i) The voluntary surrender or exchange of all or part of the outstanding capital stock of the commercial bank and the resale of that stock;

(ii) The sale of additional authorized stock;

(iii) The voluntary subscription or contribution by depositors and creditors to a guaranty fund; and

(iv) Any other protection for the depositors and creditors.

(2) The plan for reorganization of a savings bank may provide only for the voluntary subscription or contribution by depositors and creditors to a guaranty fund.