Illinois § 6-8

§ 6-8.

The Commissioner, while in possession and control of a corporate fiduciary may propose a reorganization plan, which plan may be amended from time to time because of changes in circumstances, if he finds: (1) The plan is feasible and fair to all classes of beneficiaries, creditors and stockholders. (2) The face amount of the interest accorded to any class of creditors or stockholders under the plan does not exceed the value of the assets upon liquidation less the full amount of the claims of all prior classes, subject, however, to any fair adjustment for new capital that any class will pay in under the plan. (3) The plan assures the removal of any director, officer or employee responsible for any unsound or unlawful action or the existence of an unsound condition. (4) Any merger or consolidation provided by the plan conforms to the requirements of this Act. (5) Any reorganized corporate fiduciary provided by the plan conforms to the requirements of this Act for the organization of a corporate fiduciary. (Source: P.A. 85-1402.)