South Carolina § 34-7-40 Petition and order for reorganization meeting.

South Carolina Statutes

§ 34-7-40 — Petition and order for reorganization meeting.

South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 7 REORGANIZATION OF INSOLVENT BANKS

In the event as many as five per cent in number and amount of depositors and stockholders file a petition, duly verified, with the resident or presiding judge of the circuit in which such bank is situate, setting forth that, in their opinion:

(1)It would be to the advantage of the depositors and unsecured creditors to reorganize and reopen such bank for business;

(2)Under such reorganization plan the depositors and unsecured creditors would receive a larger percentage of their claims than would be paid under a liquidation in court; and (3) It is feasible to reopen the bank on such plan; And should such representations appear to the satisfaction of the judge to be true, the court shall fix by order a time and place for the holding of a meeting of depositors, creditors and stockholders of

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In the event as many as five per cent in number and amount of depositors and stockholders file a petition, duly verified, with the resident or presiding judge of the circuit in which such bank is situate, setting forth that, in their opinion: (1) It would be to the advantage of the depositors and unsecured creditors to reorganize and reopen such bank for business; (2) Under such reorganization plan the depositors and unsecured creditors would receive a larger percentage of their claims than would be paid under a liquidation in court; and (3) It is feasible to reopen the bank on such plan; And should such representations appear to the satisfaction of the judge to be true, the court shall fix by order a time and place for the holding of a meeting of depositors, creditors and stockholders of such institution for the purpose of considering and determining upon a plan for the reorganization and reopening of such institution.

South Carolina § 34-7-40 (Petition and order for reorganization meeting.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.