South Carolina Statutes
§ 34-5-130 — Effect of reorganization.
South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 5 MANAGEMENT OF BANK BY CONSERVATORS
When such reorganization becomes effective all books, records and assets of the bank shall be disposed of in accordance with the provisions of the plan and the affairs of the bank shall be conducted by its board of directors in the manner provided by the plan and under the conditions, restrictions and limitations that may have been prescribed by the Board. In any reorganization which shall have been approved and shall have become effective as provided in this chapter all depositors and other creditors and stockholders of such bank, whether or not they shall have consented to such plan of reorganization, shall be fully and in all respects subject to and bound by its provisions, and claims of all depositors and other creditors shall be treated as if such claimants had consented to the plan o
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 34-5-130 (Effect of reorganization.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 8-293; 1952 Code SECTION 8-293; 1942 Code SECTION 7829-7; 1936 (39) 1484.
Nearby Sections
15
§ 34-5-10
"Bank" defined.§ 34-5-100
Termination of conservatorship.§ 34-5-110
Reorganization of bank.§ 34-5-120
Publication of notice of reorganization.§ 34-5-130
Effect of reorganization.§ 34-5-150
Liquidation by conservator.§ 34-5-40
Persons who may not be conservators.§ 34-5-60
Expenses of conservator; attorney.§ 34-5-80
Receipt of deposits.