New Jersey § 17:9a-164

§ 17:9a-164.

A. Following the approval of a plan by the court and its transmittal to depositors,

other creditors and stockholders pursuant to sections 162 and 163, 1 the proponent or proponents of the plan shall solicit acceptances from creditors

and stockholders of each class adversely affected by the plan. Acceptances of creditors and stockholders shall be filed in the court. B. No acceptances shall be required of creditors or stockholders of any class which

is not adversely affected by the plan, or of stockholders of any class, if the court

determines that the liabilities of the bank are in excess of its assets. C. No person shall, without the consent of the court, solicit any acceptance, conditional

or unconditional, of any plan or any authority, conditional or unconditional, to accept

any plan, whether by proxy, deposit, power of attorney or otherwise, until after the

entry of an order approving such plan and its transmittal to depositors, other creditors

and stockholders as provided in sections 162 and 163. Any such acceptance or authority given, procured or received prior to such approval

and transmittal shall be invalid, unless such consent of the court has been so obtained. D. Any depositor, other creditor or stockholder who is adversely affected by the plan

may file a rejection of the plan in the Superior Court within the time limited by

the order of the court made pursuant to section 162. Each depositor, other creditor or stockholder who fails to file such a rejection

shall be deemed to have accepted the plan. E. Every fiduciary, every banking institution, insurance company or other corporation

of this State, and every officer of this State or of a county, municipality, school

district, public board, commission or other body of this State shall have the power

to accept or reject a plan of reorganization of a bank and to do such other acts as

may be necessary to make such acceptance or rejection effective. F. If the acceptance or rejection of a plan by the holder of any claim or stock is

not in good faith, in the light of or irrespective of the time of acquisition thereof,

the court may, after hearing upon notice, direct that such claim or stock be disqualified

for the purpose of determining the requisite majority for the acceptance of a plan,

as provided in subsection G of this section. G. If two-thirds in amount of the claims or shares of any class of creditors or stockholders

accept or are deemed to have accepted the plan, all creditors or stockholders in such

class shall be bound by the plan. 1

N.J.S.A. §§ 17:9A-162, and 17:9A-163.