State Codes and Statutes

Statutes > Arizona > Title6 > 6-491

6-491. Effect of approval and consents

A. When a plan has been approved by the court and the required consents given, the plan shall be binding upon the superintendent, the association, the holders of accounts and shares of guaranty capital, and creditors of the association and all other persons affected thereby, and the association and such persons shall be conclusively deemed to have consented to the terms and conditions of the plan whether or not all of the persons have actually consented thereto and whether or not all of them have received notice of the plan or the hearing. Such steps shall be taken by the superintendent, the association and all other persons affected by the plan, and all acts shall be done, all instruments executed and all securities issued, as may be required by the plan so approved and as may be necessary or desirable for consummation of the plan.

B. The superintendent shall supervise and direct, subject to the order of the court, the consummation of the plan. He shall have and may exercise the same authority and power with respect to the business, property or affairs of an association retained by or delivered to him pursuant to any plan which he may have with respect to the business, property and affairs of any association of which he has taken possession. The superintendent shall have and may exercise the same authority and power with respect to an association formed pursuant to any plan, or to which the business, property or affairs may be returned or transferred pursuant to any plan, as he would have of the association if it had been formed or had acquired its business, property and affairs by means other than a plan.

State Codes and Statutes

Statutes > Arizona > Title6 > 6-491

6-491. Effect of approval and consents

A. When a plan has been approved by the court and the required consents given, the plan shall be binding upon the superintendent, the association, the holders of accounts and shares of guaranty capital, and creditors of the association and all other persons affected thereby, and the association and such persons shall be conclusively deemed to have consented to the terms and conditions of the plan whether or not all of the persons have actually consented thereto and whether or not all of them have received notice of the plan or the hearing. Such steps shall be taken by the superintendent, the association and all other persons affected by the plan, and all acts shall be done, all instruments executed and all securities issued, as may be required by the plan so approved and as may be necessary or desirable for consummation of the plan.

B. The superintendent shall supervise and direct, subject to the order of the court, the consummation of the plan. He shall have and may exercise the same authority and power with respect to the business, property or affairs of an association retained by or delivered to him pursuant to any plan which he may have with respect to the business, property and affairs of any association of which he has taken possession. The superintendent shall have and may exercise the same authority and power with respect to an association formed pursuant to any plan, or to which the business, property or affairs may be returned or transferred pursuant to any plan, as he would have of the association if it had been formed or had acquired its business, property and affairs by means other than a plan.


State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title6 > 6-491

6-491. Effect of approval and consents

A. When a plan has been approved by the court and the required consents given, the plan shall be binding upon the superintendent, the association, the holders of accounts and shares of guaranty capital, and creditors of the association and all other persons affected thereby, and the association and such persons shall be conclusively deemed to have consented to the terms and conditions of the plan whether or not all of the persons have actually consented thereto and whether or not all of them have received notice of the plan or the hearing. Such steps shall be taken by the superintendent, the association and all other persons affected by the plan, and all acts shall be done, all instruments executed and all securities issued, as may be required by the plan so approved and as may be necessary or desirable for consummation of the plan.

B. The superintendent shall supervise and direct, subject to the order of the court, the consummation of the plan. He shall have and may exercise the same authority and power with respect to the business, property or affairs of an association retained by or delivered to him pursuant to any plan which he may have with respect to the business, property and affairs of any association of which he has taken possession. The superintendent shall have and may exercise the same authority and power with respect to an association formed pursuant to any plan, or to which the business, property or affairs may be returned or transferred pursuant to any plan, as he would have of the association if it had been formed or had acquired its business, property and affairs by means other than a plan.

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