South Carolina § 34-5-110 - Reorganization of bank.

§ 34-5-110. Reorganization of bank.

Any bank in the hands of a conservator may be reorganized:

(1) When the Board shall be satisfied that the plan of reorganization is fair and equitable as to all depositors, other creditors and stockholders and is in the public interest and when the Board shall have approved the plan subject to such conditions, restrictions and limitations as it may prescribe; and

(2) When, after reasonable notice of such reorganization, both depositors and other creditors representing at least seventy-five per cent in amount of the total deposits and other liabilities and stockholders owning at least two thirds of its outstanding capital stock as shown by the books of the bank shall have consented in writing to the plan of reorganization; provided, however, that 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 seventy-five per cent thereof above required.

HISTORY: 1962 Code SECTION 8-291; 1952 Code SECTION 8-291; 1942 Code SECTION 7829-7; 1936 (39) 1484.