9-1904. Reorganization of insolvent and undercapitalized bank or trust company.
9-1904
9-1904. Reorganization of insolvent and undercapitalized bank or trust
company.
The stockholders of any insolvent or critically undercapitalized bank or
trust company and its
depositors and creditors may formulate a plan for the reorganization of
such bank or trust company while the same is in charge of the commissioner
or a special deputy commissioner or a receiver, at any time before a
dividend has been paid. The depositors and creditors of such insolvent
or critically undercapitalized bank
or trust company may formulate a plan for the reorganization thereof, and
if such plan is subscribed to in writing by creditors and depositors having
not less than 80% in amount of the known claims against such bank or trust
company, and such plan shall be approved by the
board, and a
copy thereof filed with the commissioner, the same shall be held to be
legal, valid and binding upon all depositors and creditors of such
insolvent or critically undercapitalized bank or trust company to the same
extent and with the same effect
as if all of the depositors and creditors had joined in the execution
thereof.
As used in this section "depositors" and "creditors" shall mean and
include the pooled money investment board acting for and on behalf of the
state of Kansas and the governing body of any county, township, city,
drainage district, school district, sewer district or other governmental
subdivision and as such they are hereby authorized to join in the execution
of any plan for the reorganization of any insolvent or
critically undercapitalized bank or trust company with the same
legal effect and validity as any individual depositor or creditor.
History: L. 1947, ch. 102, § 112; L. 1976, ch. 58, § 2;
L. 1993, ch. 7, § 4; March 18.