(205 ILCS 5/55) (from Ch. 17, par. 367)
Sec. 55.
Reorganization.
The Commissioner, while in possession and control of a state bank and
its assets, after according such hearing to interested parties as he may
determine and upon the order of the court, may propose a reorganization
plan. Such reorganization plan shall become effective only (1) when the
requirements of Section 56 shall have been satisfied, and (2) when, after
reasonable notice of such reorganization, as the case may require (a)
depositors and other creditors of such bank representing at least
seventy-five per cent in amount of its total deposits and other liabilities
as shown by the books of the bank, or (b) stockholders owning at least
two-thirds of its outstanding capital stock as shown by the books of the
bank, or (c) 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 on demand 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 as above provided. When such reorganization
becomes effective, all books, records, and assets of the bank shall be
disposed of in accordance with the provisions of the plan and the affairs
of the bank shall be conducted by its board of directors in the manner
provided by the plan and under the conditions, restrictions, and
limitations which may have been prescribed by the Commissioner. In any
reorganization which shall have been approved and shall have become
effective as provided herein, all depositors and other creditors and
stockholders of such bank, whether or not they shall have consented to such
plan of reorganization, shall be fully and in all respects subject to and
bound by its provisions, and claims of all depositors and other creditors
shall be treated as if they have consented to such plan of reorganization.
A department, agency or political subdivision of this State holding a claim
which will not be paid in full is authorized to participate in a plan of
reorganization as any other creditor and shall be subject to and bound by
its provisions as any other creditor.
(Source: Laws 1965, p. 2020.)
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