6-490. Time of giving consents; jurisdiction of court
A. The consents required by section 6-489 may be given before the plan is presented to the court, or after the presentation and before the court has approved it, or after approval. If, at the time the plan is approved by the court, the required consents have not been given, the order of court may provide that upon satisfactory proof of the fact that the required consents have been given, a further order may be entered ex parte providing that the plan shall become operative which shall be binding upon the superintendent, the association, all holders of accounts and of shares of guaranty capital, creditors, and all other persons affected thereby.
B. The superior court in which the petition is pending is given jurisdiction to determine all questions required to be determined in respect to any plan including, without limiting the generality of the foregoing, the following:
1. Whether a plan, either in its original or modified form, is fair and equitable.
2. Whether it discriminates in favor of any class of holders of accounts, creditors or other persons affected thereby.
3. Whether it is feasible.
4. Whether the terms and conditions of the proposed issuance and exchange of securities thereunder are fair and to approve or disapprove the terms and conditions.
5. The total liabilities of the association.
6. The conditions requisite to the plan becoming operative, including jurisdiction to determine, for the purposes of the plan and the consents, the division of the creditors and other persons affected by the plan into classes according to the nature of their respective claims and interests.Section: Previous 6-482 6-483 6-484 6-486 6-487 6-488 6-489 6-490 6-491 6-492 6-493 6-494 6-495 6-496 6-497 Next
Last modified: October 13, 2016