§ 13-4-504 — Reorganization

(a) Any bank reorganization requiring the consent of
depositors, stockholders and other creditors becomes effective
only:
(i) When the state banking commissioner is satisfied
that the plan of reorganization is fair and equitable to all
depositors, stockholders and other creditors and is in the
public interest; and
(ii) When, after reasonable notice of the
reorganization, the following have given their consent in
writing to the reorganization:
(A) Depositors and other creditors of the bank
representing at least seventy-five percent (75%) of its total
deposits and other liabilities; and
(B) Stockholders owning at least two-thirds
(2/3) of its outstanding capital stock.
(b) The claims of depositors or other creditors which will
be satisfied in full under the provisions of the plan of
reorganization shall not be included among the total deposits
and other liabilities of the bank in determining the consent
requirements.
(c) When a 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 state banking commissioner and the plan.
(d) All depositors, creditors and stockholders of the
bank, whether or not they have consented, shall be fully bound
by the provisions of an approved plan of reorganization. Claims
of depositors and other creditors shall be treated as if the
depositors, creditors and stockholders had consented to the plan
of reorganization.