6-488. Hearing; fairness of plan
A. At the time and place fixed for the hearing, or at the time and place to which
the hearing may be continued by the court, the court shall hear the parties interested
therein and, if it deems it necessary, may take testimony relative thereto and may accept
proof in affidavit form as to any fact or circumstance material thereto. The hearing
shall be conducted, among other things, upon the fairness of the terms and conditions of
the issuance of all securities to be issued pursuant to the plan and of the exchange
thereof for outstanding shares of guaranty capital, accounts, claims or property
interests, or partly in such exchange and partly for cash. All persons to whom it is
proposed to issue securities in the exchange shall have the right to appear and be heard
at the hearing.
B. No plan shall be approved by the superintendent or by the court unless the
superintendent or the court is satisfied that the plan is feasible, fair and equitable
and does not discriminate in favor of any class of holders of accounts or of shares of
guaranty capital, creditors or other persons affected thereby.
|