9-1904.   Reorganization of insolvent and undercapitalized bank or trustcompany.The stockholders of any insolvent or critically undercapitalized bank ortrust company and itsdepositors and creditors may formulate a plan for the reorganization ofsuch bank or trust company while the same is in charge of the commissioneror a special deputy commissioner or a receiver, at any time before adividend has been paid. The depositors and creditors of such insolventor critically undercapitalized bankor trust company may formulate a plan for the reorganization thereof, andif such plan is subscribed to in writing by creditors and depositors havingnot less than 80% in amount of the known claims against such bank or trustcompany, and such plan shall be approved by theboard, and acopy thereof filed with the commissioner, the same shall be held to belegal, valid and binding upon all depositors and creditors of suchinsolvent or critically undercapitalized bank or trust company to the sameextent and with the same effectas if all of the depositors and creditors had joined in the executionthereof.

      As used in this section "depositors" and "creditors" shall mean andinclude the pooled money investment board acting for and on behalf of thestate of Kansas and the governing body of any county, township, city,drainage district, school district, sewer district or other governmentalsubdivision and as such they are hereby authorized to join in the executionof any plan for the reorganization of any insolvent orcritically undercapitalized bank or trust company with the samelegal 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.