South Carolina § 34-7-40 - Petition and order for reorganization meeting.
Full text of South Carolina South Carolina Code of Laws § 34-7-40 — Petition and order for reorganization meeting., with citation guidance and answers to common questions.
§ 34-7-40. Petition and order for reorganization meeting.
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.
HISTORY: 1962 Code SECTION 8-314; 1952 Code SECTION 8-314; 1942 Code SECTION 7874; 1932 (37) 1183.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 34-7-40
What does South Carolina Code of Laws § 34-7-40 cover?
Section 34-7-40 ("Petition and order for reorganization meeting.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 34-7-40?
A common citation format is "South Carolina Code of Laws § 34-7-40" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 34-7-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.